Mexican retailer Wal-Mart de Mexico (Walmex) has announced that it has struck a deal with US-based retail giant Wal-Mart Stores Inc and regional investors to purchase Central American retailer Wal-Mart Centroamerica.
The acquisition, which is set to cost around US$2.7bn, is due to be put to a shareholder vote on 22 December 2009, and if completed will see Walmex take on Wal-Mart's 51 per cent share of the retailer, as well as the shares owned by the regional investors.
Payment is set to be made mostly in stock, to be issued as a result of the merger, and Wal-Mart Centroamerica shareholders will receive 593m new Walmex shares.
Wal-Mart Centroamerica operates 519 outlets across Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica, representing a total retail market of US$44.3bn.
