Lotte Shopping Co. has entered into an agreement to acquire PT Makro Indonesia.
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Lotte has struck a deal to buy a 75% stake, or 4.7m shares, in the Indonesian discount chain for KRW294bn (US$212.62m), the Korean company said in a regulatory filing.
Lotte Shopping Holdings PTE, its affiliate in Singapore, will buy the remaining 25% of Makro Indonesia, depending on approval from the Indonesian government.
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By GlobalData
Under the terms of the deal, Lotte will take over the buildings, land, leases, staff and inventory of Makro Indonesia.
Makro, held by Dutch wholesaler SHV Holding, operates 19 stores in Indonesia.
SHV told just-food that it intends to focus on growing the Makro banner markets outside of Indonesia.
“After a thorough strategic review of the Makro business, SHV has decided to pursue an orderly sale of Makro Indonesia. SHV has decided to focus its growth strategy for Makro on other markets, including particularly Thailand in Asia,” said SHV spokesperson Joost van Klink.
