| Comercial Mexicana to Sell 160 Stores to Soriana for US$2.66 Billion FreshFruitPortal.com | |
| go to original January 29, 2015 |
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Organizacion Soriana has consolidated its position as one of Mexico’s leading retail chains after reaching a deal to buy 160 stores from competitor Controladora Comercial Mexicana (CCM) for MXN39.19 billion (US$2.6 billion).
The deal reinforces the group’s position as Mexico’s second-largest retailer, after Wal-Mart de Mexico.
In a release, the group said the acquired stores were of the Comercial Mexicana, Mega, Bodega Comercial Mexicana and Alprecio formats, while the Fresko, City Market and Sumesa would be excluded.
Soriana said while negotiation process had been “intense and long”, the bolt-on expansion would boost economies of scale and efficiency, leading to greater competitiveness, a better supply and ultimately a better value proposal for end consumers.
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