Central Group, Austria’s Signa buying Swiss retailer Globus for $1b

Thailand’s largest retailer Central Group said on Tuesday it is buying Swiss luxury department store Globus and other real estate assets in a joint venture with Austria’s Signa for more than 1 billion Swiss francs ($1.03 billion).

The purchase of Globus and the real estate from Migros-Genossenschafts-Bund (MGB) is the latest expansion for Central Group, owned by the billionaire Chirathivat family, in European luxury malls.

“The transaction includes the purchase of prime Swiss properties and a hotel, with a value of over 1 billion Swiss francs”, Central Group Executive Chairman Tos Chirathivat said.

Central Group jointly owns Germany’s KaDeWe Group, Italy’s Rinascente and Denmark’s Illum with Signa.

Reuters in October reported Austrian investor Rene Benko’s Signa was likely to submit an offer for Globus.

“As a historical Swiss brand, Globus is a perfect fit for our European alliance with strong local presence and international recognition,” said Central Group Europe Chief Executive Officer Vittorio Radice, who will assume leadership of Globus.

The deal is subject to approval from European competition authorities and is expected to close in mid-2020.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.