ASEAN KEY DESTINATIONS
Big C buys 42 Carrefour branches in Thailand
After the acquisition, Casino, whose Thai subsidiary is Big C Supercenter Plc, will own 111 hypermarkets against Tesco's 87. However, if other retail formats are included, Tesco has 704 stores nationwide.
Carrefour yesterday announced the signing of an agreement with Big C for the divestment of its Thai operations for 868 million (35.4 billion baht). That price represents 120 percent of the net sales of the business that is being sold and 13 times the earnings before interest, tax, depreciation and amortisation.
The French retailer decided to sell its assets in Southeast Asia including Thailand to focus on markets in which it leads.
It is the fifth-biggest player in organised food distribution in the country, with a market share of 6 percent and net sales of 723 million over the 12-month period ending this past June 30.
Casino's Big C is the second-largest hypermarket operator in Thailand, with 69 stores and net sales of 1.7 billion over the same period.
The transaction is expected to be completed in next year's first quarter.
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