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Metro buys Asia food service group for USD290m

German retailer Metro AG has bought Singapore-based restaurant supplier Classic Fine Foods Group from private equity group EQT for USD290 million to help it expand in the food delivery business in Asia and Europe.

Metro, emerging from years of restructuring and disposals of non-core businesses including the recent sale of Kaufhof department stores, has said it expects to make more acquisitions in future, starting small but potentially building up to sizeable deals.

Europe’s fourth biggest retailer said its existing food delivery business grew 14.5 percent in its third quarter to the end of June to account for more than 10 percent of cash and carry sales, while online sales jumped 26 percent.

(Source: CNBC)