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Thailand’s TCC buys Metro Group’s Cash & Carry wholesale business in Vietnam

Thailand-based TCC Land International Pte. Ltd, a subsidiary of TCC Holding Co. Ltd., has bought Metro Group’s Cash & Carry wholesale business in Vietnam for EUR655 million, Metro Group said on Thursday. The group has 19 wholesale stores in the country.

"I’m pleased that Metro Group and TCC have successfully completed the transaction. We are convinced that this transaction will create long term value for both groups", said Olaf Koch, Chairman of the Management Board Metro AG.

"We are confident that the success story of Metro Cash & Carry Vietnam will continue under the experienced hands of TCC and that their extensive businesses in the region will support its further growth. The proven competence of the local management and the transitional support of the Metro Group, help ensuring a smooth transition and continuous development of the business. Asia will remain an important growth region for Metro Group and we will continue to invest there in the further development of the Metro Cash & Carry business."

Metro Group entered the Vietnamese market in 2002 with its cash & carry wholesale business and was last operating 19 wholesale stores across the country with more than 3,300 employees. Metro Cash & Carry Vietnam generated sales of EUR507 million in the financial year 2014/15.

The group has invested broadly in the local trade infrastructure and food hygiene and safety over the years. It has trained more than 20,000 Vietnamese farmers and fishermen to increase their yield and product safety for the better access to the modern trade and long-term competence.

In August 2014, Metro Group initially announced its agreement with Berli Jucker Public Company Limited (BJC) to sell its Vietnamese wholesale business. In February 2015, BJC’s majority shareholder TCC replaced BJC as acquirer in the framework of an amended sale and purchase agreement regarding Metro Cash & Carry Vietnam.