Walmart International CEO David Cheesewright believes there is a lot of potential in Chile

Walmart International CEO David Cheesewright believes there is a lot of potential in Chile

Wal-Mart has upped its stake in its majority-controlled Chilean arm after buying a further 25% of the business.

The US retail giant now has 99.72% of Walmart Chile after buying a stake of around 25.06% from Felipe Ibáñez Scott and Nicolás Ibáñez Scott for US$0.9124 per share.

The Ibáñez brothers retained shares in Walmart Chile after the world's largest retailer bought Chilean grocer D&S, founded by their father Manuel Ibanez Ojeda, in 2009. At the end of 2012, Wal-Mart ran a total of 327 local supermarkets.

"We believe there is a lot of potential in Chile, and this acquisition is consistent with Walmart's strategy of managing our portfolio and investing in growth markets," said David Cheesewright, president and CEO of Walmart International.

"We thank the Ibáñez family for their invaluable contributions both to Walmart Chile and the Chilean retail industry as a whole, and we are proud to continue to invest in this great business they founded."

The Ibáñez brothers retained shares in Walmart Chile after the world's largest retailer bought Chilean grocer D&S, founded by their father Manuel Ibanez Ojeda, in 2009.

Show the press release

SANTIAGO, Chile - February 6, 2014 -Wal-Mart Stores, Inc. (NYSE: WMT)today announced the completion of its previously announced share purchase agreement for approximately 25.06% of Walmart Chile from Mr. Felipe Ibáñez Scott and Mr. Nicolás Ibáñez Scott, as well as each of their directly and indirectly affiliated persons and entities who hold shares in Walmart Chile,for US$0.9124 per share. As a result of the transaction, Walmart now owns 99.72% of the outstanding shares of Walmart Chile. 

"We believe there is a lot of potential in Chile, and this acquisition is consistent with Walmart's strategy of managing our portfolio and investing in growth markets," said David Cheesewright, president and CEO of Walmart International. "We thank the Ibáñez family for their invaluable contributions both to Walmart Chile and the Chilean retail industry as a whole, and we are proud to continue to invest in this great business they founded."

Original source: Wal-Mart Inc