Portuguese retailer Jeronimo Martins has announced that it has sold its last remaining investment in Brazil.

The company said it has reached an agreement towards the sale of the company jointly owned with Group Martins, JM&M Atacado, to a Brazilian wholesaler.

The 50% ownership in JM&M, which currently operates two cash & carry stores under the “Apoio Clube de Compras” banner, was the only investment that Jeronimo Martins still maintained in Brazil.

After this sale, the partnership agreement with Group Martins, dated from 1999, will come to an end.