Central Retail Corporation Plc (CRC) has agreed to acquire AEON (Thailand) Co Ltd, the operator of 30 MaxValu supermarkets in Thailand, in a move aimed at strengthening its food retail business and expanding the footprint of its Tops supermarket chain.
In a filing to the Stock Exchange of Thailand on Friday, CRC said its wholly owned subsidiary, Central Food Retail Co Ltd (CFR), had signed a share purchase agreement to acquire all ordinary shares of AEON (Thailand).
The acquisition will give CFR full ownership of AEON (Thailand), operator of 30 MaxValu supermarkets nationwide. AEON (Thailand) has registered capital of 890 million baht, and the deal will be financed through CRC's internal cash flow.
CRC said the acquisition supports its strategy to strengthen its food business by expanding its supermarket network in strategic locations and immediately adding more than 900,000 customers.
The deal also includes land assets and a ready-to-eat food processing centre, which CRC said will enhance production capacity and support the development of differentiated ready-to-eat products.
Following completion, all MaxValu stores will be rebranded as Tops and integrated into CFR's retail ecosystem. CRC said it expects to leverage its retail expertise to improve operational efficiency and strengthen the acquired business.
The transaction remains subject to the fulfilment of conditions precedent under the agreement.
