Paris/Singapore: Leading international law firm Clifford Chance has advised Carrefour SA on the sale of its hypermarket business in Thailand to Big C, an affiliate of France’s Casino Group.
Under the terms of the agreement, Big C will acquire Carrefour’s 42 stores in Thailand, including 34 hypermarkets, for an enterprise value of €868 million. The sale is expected to be completed in the first quarter of 2011.
Carrefour is the world’s second largest retailer and the largest in Europe. Big C is the second largest hypermarket operator in Thailand with annual sales of €1.7 billion over a 12-month period to 30 June 2010.
“While Carrefour has operated in Thailand successfully since 1996, its aim has always been to be the market leader in those countries in which it operates,” said partner Emma Davies, who led the Clifford Chance team in Asia. “This sale allows Carrefour to refocus its efforts in other countries where it can develop a market-leading presence.”
Partner Yves Wehrli, who led the Paris team advising Carrefour, said, “This transaction builds on our strong relationship with Carrefour which is one of the most successful international retailers.”
“We are very pleased to be able to offer the breadth of the Clifford Chance network in assisting them. We assembled an integrated cross-border team of lawyers from France and across our Asian network to work together on this highly competitive auction in an extremely tight timeframe.”
Emma led the team in Asia, assisted by Singapore-based senior associate Antonio Chan. Yves led the team in Paris with senior counsel Christophe Bachelet and Dessislava Savova, and associate Alexander Kennedy.