Germany’s Metro retailer finally sold its Metro Cash and Carry wholesale chain in Vietnam to Thai conglomerate TCC Holding Co Ltd. on January 7.
According to the release by the Metro Group, TCC Land International Pte. Ltd., a subsidiary of TCC Holding Co. Ltd., has acquired the business in Vietnam which consists of 19 wholesale stores, 3,300 employees and the related real estate portfolio for an enterprise value of EUR655 million. The German supermarket chain earned an estimated EUR400 million through the transaction.
TCC Holdings are owned by Thailand's third richest billionaire Charoen Sirivadhanabhakd. TCC holds a 73.7% stake in Berli Jucker PCL (BJC).
In August, 2014, BJC planned to buy Vietnamese Metro Cash and Carry in order to expand business in East Asian countries. However, the move was rejected by BJC shareholders. TCC stepped in.