COLOMBIA: Exito to acquire 50 Super Inter stores
Exito acquires regional discounter Super Inter
Colombian retailer Exito has struck a deal to buy 50 Super Inter stores in a move it said would "consolidate" its "leadership" position in the country's grocery retail market.
Exito, in which France's Casino holds a majority stake, will take control of 19 stores this year. The remaining 31 outlets are subject to a call option exercisable in 2015, the company revealed.
Super Inter is an independent retailer located in two Colombian regions: Coffee in the centre of the country; and Cali in the south west.
"This operation will consolidate Exito's leadership in Colombia, expanding its footprint in these two regions," the company said.
Exito will continue to operate the outlets under the Super Inter banner, a Casino spokesperson confirmed. "The Super Inter brand will be maintained," the spokesperson added.
Retaining the Super Inter brand is expected to accelerate Exito's development in the discount format, complementing its discount chain Surtimax, the company added.
Super Inter generated sales of around US$450m in 2013. The deal is expected to be accretive to Exito's earnings in the first year. It remains subject to Colombian antitrust approval.
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