Controladora Comercial Mexicana SAB, Mexico’s third-largest supermarket operator, is nearing an agreement to sell most of its 200 retail stores to Organizacion Soriana SAB, two people with knowledge of the transaction said.
Comercial Mexicana would sell 160 stores to Soriana for about 44 billion pesos ($3 billion), one person said. While the deal is likely to close by the end of the month, any transaction would be subject to shareholder and regulatory approval, the person said.
Mexico City-based Comercial Mexicana disclosed almost a year ago that it had held non-binding talks with domestic and foreign companies for a sale of its operations. As recently as October, the retailer was said to be close to an agreement to sell the majority of its stores to another competitor, Grupo Comercial Chedraui SAB.
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