Metro consumes Classic Fine Foods for $328m

Metro's acquisition of Classic Fine Foods will help it capitalise on a growing appetite for gourmet products as interest in retail M&A stays keen.

Metro consumes Classic Fine Foods for $328m

German retailing giant Metro on Thursday agreed to buy Singapore-headquartered Classic Fine Foods from private equity firm EQT for an enterprise value of $290 million following an auction process as interest in Asia's retail sector remains keen.

The Dusseldorf-based retailer could pay a further $38 million depending on whether Classic Fine Food achieves certain pre-tax earnings targets from 2015 to 2017.

The acquisition will enable Metro to move up the food chain,...

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