Thailand: Central sells 25% in Big C to rival TCC Group for $1.4b, for financing Vietnam deal

Thailand’s Central Group has sold out of domestic retail firm Big C Supercenter Pcl , accepting a tender offer from rival TCC Group in a deal that will help Central purchase a Vietnamese supermarket chain, people with knowledge of the matter said.

Central Group, Thailand’s biggest retailer led by tycoon Tos Chirathivat, is expected to gain at least 50 billion baht ($1.4 billion) from the sale of its 25 percent holding, said one person close to the sale process.

The deal stems from a decision by French retail group Casino to sell its Thai and Vietnam units this year in an effort to cut debt. Both businesses encompass hypermarkets, supermarkets and convenience stores.

Central Group, which had a pre-existing stake in Big C Supercenter, lost out to TCC’s flagship retail unit Berli Jucker in the battle to gain control of the Thai unit. But it emerged the winner for the Vietnam unit, called Big C Vietnam, agreeing to pay 920 million euros ($1.1 billion).

The people declined to be identified as they were not authorised to speak to media. Central Group did not respond to a request for commen

Also Read:

Vietnam: Central Group takes over Big C ops from French Casino for $1.05b

Thailand’s Central Group dithers on joining Big C Vietnam unit bidding

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.