German wholesaler Metro has agreed to sell a majority stake in its Chinese opera...
) has agreed to sell a majority stake in its Chinese operations to local retailer Wumart, continuing a drive to simplify its business and focus on its core customers in the hospitality industry.
Metro said on Friday the deal, which confirms an earlier Reuters story, gave the Chinese unit an enterprise value of 1.9 billion euros and that the German group would retain a 20% stake in a joint venture called Metro Wumart China. Once a sprawling retail conglomerate, Metro has in recent years been restructuring to focus on its European cash and carry business supplying hotels, restaurants and cafes.
The business made earnings before interest, tax, depreciation and amortisation of 153 million euros in fiscal 2017-18.Metro said its involvement in the joint venture would allow it to explore various strategic partnership opportunities with Wumart’s parent Wumei and its technology partner Dmall, “particularly in terms of international sourcing of goods.
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