France-based Casino has closed the sale of its Big C Vietnam food retailing business to Thai company Central Group for €1bn.
Big C Vietnam comprises a network of 43 stores and 30 shopping malls, and has achieved a turnover of €586m last year.
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Following the disposal, Casino will receive €920m in proceeds.
Central Group plans to collaborate with Vietnamese group Nguyen Kim to continue the strategy of Big C Vietnam in terms of sourcing goods produced in the country.
Casino will distribute products in France, Brazil and Colombia.
In February, Casino sold its stake in Thailand’s Big C Supercenter for €3.1bn to TCC.
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By GlobalDataThe deleveraging plan of Casino is expected to reach €4.2bn once it sells Big C Thailand and Big C Vietnam.
Casino is also disposing its Asian and Latin American assets in a bid to cut debt, while focusing on price and convenience in French market.
Over the past 18 years, the company made investments to develop its Big C subsidiary.
Central Group has interests in real estate, department stores, retailing, hospitality and restaurants.
