Central Food Retail (CFR) has agreed to acquire ordinary shares in Aeon (Thailand), the Thai supermarket arm of Japan’s Aeon Group.
The division runs a 30-store supermarket chain under the MaxValu brand and has operated in Thailand since 1984, when Aeon established its forerunner, Siam Jusco
Following completion, all Aeon (Thailand) outlets will be renamed under the Tops brand and folded into CFR’s existing store network. Aeon (Thailand) has registered capital of Bt890m ($26.9m), with each share carrying a par value of Bt100. Once the deal closes, CFR will own the entire registered capital, and Aeon (Thailand) will hand over its business operations and staff to CFR’s parent company Central Retail.
In addition, Central Retail intends to finance the purchase through its own cash flow. The company said the acquisition would add more than 900,000 customers and broaden its supermarket footprint into new strategic locations. The transaction will also include land assets and a ready-to-eat processing centre, which the company said would boost its production capabilities for ready-to-eat food products.