MEXICO CITY--Mexican retailer Organizacion Soriana reached an
agreement to buy 160 stores from Controladora Comercial Mexicana
for 39 billion pesos ($2.6 billion), bolstering its position as the
country's second-largest retail chain behind Wal-Mart de
Mexico.
In a release late Wednesday, Soriana said the agreement includes
the acquisition of 118 fully owned stores and the lease for 42
others from a third party. The deal also includes inventory, three
distribution centers and other assets.
Comercial Mexicana will spin off the assets to be kept, and
Soriana will buy the rest via a purchase offer on the Mexican stock
exchange.
Soriana said the acquisition, which requires regulatory and
other approvals, is expected to increase its annual sales by about
37% and raise its floor space by a third.
Comercial Mexicana will continue to operate about 40 stores,
including its upscale formats Fresko and City Market.
Write to Anthony Harrup at anthony.harrup@wsj.com
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