The transaction of Metro Vietnam is expected to close by 2015. — Photo vnexpress.net

HA NOI (Biz Hub) – German retailer Metro Group on August 8 announced an agreement with Thailand's Berli Jucker Co Ltd., to sell its entire wholesale operation in Viet Nam for 655 million euros (around US$877.7 million).

The announcement came several days after international and domestic media reported that the deal had been reached at a value of $500 million.

The Thai retail and trading company would take over 19 Viet Nam-based wholesale stores from Metro Cash & Carry Viet Nam and its related real estate portfolio, Metro Group stated.

"Our Thai partner sees a great strategic synergy potential and development opportunities for Metro Cash & Carry Viet Nam," said Metro Group's chairman of the board Olaf Koch. Divesting the group's arm in the country, Koch believed he was placing the business in good hands.

Meanwhile, Berli Jucker hoped the acquisition would help it grow and increase competitiveness by complementing the company's existing presence in Viet Nam.

The transaction is subject to the fulfillment of customary closing conditions and approvals from relevant authorities. It is expected to close in the first half of the coming year. – VNS