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Business deals

Thai retail leader and partner to buy Swiss peer Globus for $1bn

Central Group expands European footprint with department store purchase

The addition by Central Group of Switzerland's Globus department stores, seen here in Zurich, means the Thai retailer will have a presence in five countries in Europe.   © Reuters

BANGKOK -- Central Group, Thailand's leading retailer, has reached a $1 billion deal with a joint venture partner to buy Swiss luxury department store chain Globus, in a deal that will further expand its business presence in Europe.

The group controlled by the Chrathivat family, which is ranked at No.2 in Forbes' Thai rich list, announced on Tuesday that they had signed a deal with Austrian joint venture partner Signa to buy Globus from Swiss retailer Migros-Genossenschafts-Bund. The transaction is expected to be completed by mid-2020.

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