MEXICO CITY--Mexican convenience store operator Fomento
Economico Mexicano SAB (FMX, FEMSA.MX), or Femsa, said Monday it
has agreed to purchase Farmacias FM Moderna, marking the company's
second pharmacy chain acquisition.
Farmacias FM Moderna, based in Mazatlan, in the western state of
Sinaloa, operates more than 100 stores, Femsa said, without
offering more details of the deal.
The agreement came on the heels of Femsa's purchase of a
majority stake in YZA Farmacias in southeastern Mexico. That
purchase, the details of which also were private, closed earlier in
May.
Femsa has been looking to diversify and deploy excess cash since
the company sold its beer business to Heineken NV (HEINY, HEIA.AE)
in 2010 in exchange for a 20% stake in the company.
In addition to revenue from its Heineken stake, Femsa receives
income from its soft-drink bottling unit, Coca-Cola Femsa SAB (KOF,
KOF.MX), and its Oxxo convenience store chain.
Write to Amy Guthrie at amy.guthrie@dowjones.com
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