Chilean retailer Cencosud has said that it will pay around US$100m for Ahold’s 97% stake in Chilean supermarket chain Santa Isabel, a third less than originally estimated.
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Cencosud, which operates the Jumbo supermarket chain, agreed a deal with Dutch retail giant Ahold last February to buy Santa Isabel, when the price was around $150m.
“The approximate total (for the deal) will be around $100m,” Cencosud chief executive Laurence Golborne was quoted by Reuters as saying.
The sale was initially expected to close in April but was delayed when Ahold revealed a $1bn accounting scandal.
Golborne said the deal would now close as soon as Santa Isabel is delisted from the Santiago Stock Exchange.
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By GlobalData“I think it will be a question of days,” he added.
