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