MEXICO - Controladora Comercial Mexicana SAB is reportedly nearing an agreement to unload a package of 160 stores to rival retailer, Organizacion Soriana SAB, in a package valued at $3 billion (44 billion pesos).
Late last year, AndNowUKnow reported on similar rumors centered around a possible deal between Controladora Comercial Mexicana and Grupo Comercial Chedraui. That deal would have sent over the majority of Controladora Comercial Mexicana's 200 retail locations to Grupo Comercial Chedraui for over $4 billion. Importantly, it would have allowed Controladora Comercial Mexicana to retain ownership of the real estate associated with those stores. Instead, the real estate would be leased to Grupo Comercial Chedraui for its use in running its retail operations.
The new agreement stands in contrast to these previous rumors, according to Bloomberg. Sources close to Controladora Comercial Mexicana report that the current deal would include full ownership of all real estate associated with the stores.
So far, Controladora Comercial Mexicana has declined to comment on these ongoing negotiations beyond sharing that it's “continuing the process of analyzing strategic alternatives.” Bloomberg, however, reports that a deal is expected to be finished by the end of January.
Stay tuned to AndNowUKnow as we continue to track the progress of these important negotiations.
