Thailand-based convenience store chain CP All is set to acquire 64.3% stake Dutch cash-and-carry retailer Siam Makro from SHV Holdings in a $6.6bn deal.

The chain has funded the deal through credit facility of $6.5bn secured from a consortium of banks, while the remaining amount is facilitated by its cash flow.

The consortium includes Siam Commercial Bank (SCB), HSBC, Standard Chartered Bank, UBS AG and Sumitomo Mitsui Banking.

Further, SCB has obtained Bank of Thailand’s approval to increase CP’s lending limit ratio to 60% from its capital base of 25%.

CP All, meanwhile, is planning to tender offers to its other stakeholders to further its stake at the same value of $27.34 per share.

Following this acquisition, the retailer has outlined plans to boost its retail network by expanding its footprint in markets such as in China, Laos, Cambodia and Myanmar.

CP All chief executive Korsak Chairasmisak was quoted by Reuters as saying that the retailer is keen on launching Makro stores initially in Laos and Vietnam outside Thailand.

“We are very keen on Siam Makro because the company will help us expand in the region,” revealed Chairasmisak.

Beer tycoon Charoen Sirivadhanabhakdi owned Berli Jucker and Central Group were reportedly keen on bidding for the chain.

“CP All is the only bidder to offer the price. It seems like the deal was done before other bidders joined the bid,” the news agency quoted a source familiar with the developments.

Siam Makro was a joint venture between CP All’s parent company Charoen Pokphand and SHV, before CP offloaded its 51% stake in 1997 amidst financial crunch in Asian markets.