PARIS (dpa-AFX) - French mass retailer Casino Guichard Perrachon SA (0HB1.L, CGUIY.PK) said that it agreed to sell its stake in Thai supermarket chain Big C Supercenter PCL for 3.1 billion euros, excluding debt, to the TCC Group, one of the leading conglomerates in Thailand. The disposal will allow Casino Group to reduce its debt by 3.3 billion euros.
Big C is operating a large network of more than 700 stores, including 125 hypermarkets, with a turnover of 3.4 billion euros in 2015.
The transaction values Big C at THB 252.88 per share, a 28% premium to the share price on 14 January 2016.
The definitive agreement provides a closing date by 31 March 2016 at the latest. Without prejudice to its obligation to purchase, TCC Group agreed to pay a US$600 million fee if the transaction is not closed on 31 March 2016.
Copyright RTT News/dpa-AFX