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German retail and distribution giant Metro said Thursday it has agreed to sell its cash and carry hypermarkets in Vietnam to Thailand’s Berli Jucker for 655 million euros ($876 million).
“Metro has today signed an agreement with Thailand’s Berli Jucker Public Company, according to which the Thai diversified supply chain group will acquire (Metro’s) complete wholesale business in Vietnam,” the German company said in a statement.
“BJC will take over the complete operational business of Metro Cash & Carry Vietnam including all 19 wholesale stores and the related real estate portfolio for an enterprise value of 655 million euros,” the statement said.
The sale, which was still subject to approval from the relevant authorities, is expected to add several hundred million euros to underlying earnings in the 2014-15 financial year, Metro added.