After months of rumors, Soriana confirmed the purchase of Comercial Mexicana for $39 billion peso or $36.09 peso per share.
The new venture means Soriana will add 160 stores under the Mexicana, Mega, Bodega Comercial Mexicana and Commercial Alprecio names.
With the purchase of Comerci, Soriana said their “total revenues will increase by 37 percent, an increase of approximately $3.2 million annually and a growth of 34 percent in sales.” They also said that the purchase will add an additional 21,300 employees to the Soriana team.
Business under the formats City Market, Fresko, Sumesa and some other stores, which were not part of this deal, will remain operated by CCM for future development because of its potential growth and profitability,” said Pelican chain.
Once the relevant government approvals are given, Comerical Mexicana still needs to divide their businesses to create two companies with shares listed on the Mexian Stock Exchange.
CCM began operations in 1930, selling textiles in Mexico City.