Metro sells 80% of its Chinese operations to Wumart
Metro decided to sell 80% of its Chinese operations to local bidder Wumart, according to IGD Asia. Metro China kicked off the official selling process in March earlier this year. In May, eight companies were shortlisted as prospective bidders.
Metro has released a statement, “this partnership includes the sale of Metro’s entire indirect participation in Metro China to a subsidiary of Wumei for an enterprise value of approximately $2.1 billion.” The wholesaler will retain a 20% stake in the Metro China-Wumart joint venture.
Metro, owns 95 stores in China as well as real estate assets in several major cities such as Beijing and Shanghai. The deal is subject to regulatory sign-off and is expected to close by the second quarter of next year.