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Thailand's Central Retail to Buy Max Valu Supermarket Chain from Japan's Aeon

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Central Retail (BKK:CRC) subsidiary Central Food Retail (CFR) has agreed to acquire 100% of AEON (Thailand) for an undisclosed sum, according to a Friday filing with the Stock Exchange of Thailand.

Aeon's (TYO:8267) Thailand arm operates 30 Max Valu supermarkets and has registered capital of 890 million baht.

The transaction is expected to expand CFR's supermarket network and add more than 900,000 customers to its base.

Upon satisfaction of all conditions precedent, the acquired stores will be rebranded under the TOPS banner and integrated into CFR's ecosystem to improve operational efficiency.

Although Aeon is exiting Thailand's supermarket sector, it will continue operating other businesses in the country, including Tsuruha drugstores, amusement facilities and financial services, Nikkei reported.

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