TCC Group signs Bt123 bn deal for Big C stake
Charoen Sirivadhanabhakdi, one of top Thai richest, has stepped into the Thai retail market through the acquisition of Big C Supercentre.
France's retailer, Casino Group, has announced the signing of a contract to sell its stake in Big C Supercentre for 3.1 billion euro (approximately Bt123 billion) to Charoen's TCC Group.
Big C operates a large network of more than 700 stores, including 125 hypermarkets, with a turnover of 3.4 billion euro in 2015.
The transaction values Big C at Bt252.88 per share, a 28 per cent premium to the share price on January 14, 20161.
Casino Group has sold Big C in Vietnam, in the process to reduce its debt. The sale of Big C in Thailand will reduce its debt by 3.3 billion euro, Casino Group said in a statement.
The transaction is expected to be completed by March 31.
Casino Group said that TCC Group agreed to pay a US$600 million fee if the transaction is not closed on the date.
