Published On: Fri, Jan 30th, 2015

Soriana to buy 166 stores from Comercial Mexicana for 2.6 billion USD

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Mexican supermarket chain Comercial Mexicana has agreed to sell most of its stores to its rival Soriana for 39.19 billion pesos (US$2.66 billion), the two companies said on Wednesday.

Comercial Mexicana said the sale of 160 stores, including the low-price Mega and Bodega Comercial Mexicana formats, will allow it to focus on its other brands where it sees greater growth opportunities.

Comercial Mexicana, which first said it was exploring a sale in January 2014, will be left with just 40 stores. It will keep its upmarket, higher-margin retail formats such as City Market, and some other assets that contribute around 22% of its revenue.

Comercial Mexicana said the sale of 160 stores, including the low-price Mega and Bodega Comercial Mexicana formats, will allow it to focus on its other brands where it sees greater growth opportunities.

 

It will spin off those assets into a new company, allowing Soriana to make an offer to buy the rest of Comercial Mexicana, subject to competition and stock exchange approvals.

Comercial Mexicana, which first said it was exploring a sale in January 2014, will be left with just 40 stores. (Photo: EL UNIVERSAL)

Comercial Mexicana, which first said it was exploring a sale in January 2014, will be left with just 40 stores. (Photo: EL UNIVERSAL)

The deal will give Mexico’s No. 2 supermarket Soriana, which had 664 stores at the end of the third quarter, rights to Comercial Mexicana branding for two years, use of technology systems for three years and 21,300 employees.

Soriana said the new stores would lift its total sales by 37%.

Market leader Wal-Mart de México, Mexico’s largest retailer, had 2,225 stores in Mexico at the end of September.

 

Source: http://www.eluniversal.com.mx/

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