Metro China has agreed to sell a majority stake to Wumart.
Metro China will retain 20% stake
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 US$2.1bn.” The wholesaler will retain a 20% stake in the Metro China-Wumart joint venture.
Subject to regulatory approval
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.