Chilean retailer is set to acquire Brazilian operator Supermercados Bretas

Chilean retailer is set to acquire Brazilian operator Supermercados Bretas

Chile's largest grocery retailer Cencosud has agreed to acquire Brazilian operator Supermercados Bretas, in a deal worth BRL1.35bn (US$808m).

The deal will mean that Cencosud will acquire 62 supermarkets, three distribution centres and 10 service stations.

According to a filing with the Chilean Securities Regulator, Bretas may see sales rise to BRL2.5bn in 2010 from BRL2.1bn in 2009.

"With this strategic acquisition Cencosud enters the states of Minas Gerais and Goias, consolidating its position in Brazilian supermarkets," the statement said.