Central Retail Corporation Plc (CRC) is set to acquire AEON (Thailand) Co Ltd, the operator of 30 MaxValu supermarkets across the country, as it moves to expand its food retail operations and strengthen the nationwide presence of its Tops supermarket brand.
CRC said in a filing with the Stock Exchange of Thailand on Friday that its wholly owned subsidiary, Central Food Retail Co Ltd (CFR), had entered into a share purchase agreement to acquire 100% of the ordinary shares in AEON (Thailand).
The transaction will give CFR full control of the MaxValu supermarket network, which has more than 900,000 customers. AEON (Thailand) has registered capital of 890 million baht, while the acquisition will be funded entirely through CRC’s internal cash resources.
The deal forms part of CRC’s broader strategy to expand its food retail business by increasing its supermarket presence in strategically located areas.
The company expects the acquisition to provide an immediate boost to its customer base while further broadening its reach in Thailand’s competitive grocery market.
In addition to the supermarket network, the transaction covers land assets and a ready-to-eat food processing facility. CRC said the assets will increase its production capabilities and provide greater scope to develop and distribute differentiated ready-to-eat products.
Once the acquisition is completed, the 30 MaxValu outlets will be converted to the Tops brand and incorporated into CFR’s existing retail network. CRC plans to apply its operational and retail expertise to improve the stores’ efficiency and further develop the acquired business.
Completion of the transaction remains subject to the fulfilment of conditions precedent set out in the share purchase agreement.
