Controladora Comercial Mexicana SAB (COMERUBC) is close to an agreement to sell the bulk of its 200 retail stores to Grupo Comercial Chedraui SAB (CHDRAUIB), according to a person with knowledge of the deal.
Comerci, as the Mexico City-based seller is known, would keep the real estate and lease it to Chedraui, which would use its own brand for the stores it purchases, the person said, asking not to be identified because the negotiations are still private. The transaction value is likely to amount to more than $4 billion, according to the person. Comerci has a market value of 55.2 billion pesos ($4.09 billion).
Comerci’s decision to sell the supermarkets comes less than two months after Grupo Gigante SAB (GIGANTE*) agreed to purchase most of its Restaurantes California and Beer Factory eateries for 1.1 billion pesos ($80 million). While the final terms of the agreement for its retail stores haven’t yet been set, Comerci is pushing for Chedraui to pay cash, the person said.
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