Brazilian grocery retailer Companhia Brasileira de Distribuicao (CBD) has acquired the 40% stake in the local wholesaler Assai that it does not already own.
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In a statement released late on Friday (10 July), CBD said that it would pay BRL175m (US$87.5m) to take full control of the group.
Payment will be made in three instalments: the first BRL25m will be paid within ten days of the share purchase agreement, the second BRL25m will be paid on 15 December and the final instalment of BRL125m will be payable on 15 January 2011.
A further payment on BRL25m will be made on 15 January, subject to “certain conditions”, the company added.
The company initially acquired its 60% stake in Assai for BRL207m in 2007.
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By GlobalData
