Chile’s Grupo SMU, owner of the country’s third-largest supermarket chain, has bought rival chain Supermercados del Sur.
According to the Santiago Stock Exchange, SMU told Chile’s market regulator it would take over Supermercados del Sur on Sunday (18 September).
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The companies did not disclose details of the overall value of the deal but a statement from Grupo SMU said the sale includes a capital injection worth US$215m.
Speaking to Chilean business magazine Diario Financiero, Maria Pilar Peterson, director of SMU, said: “SMU holds third place in the market. However, it is undeniable that we are in a better position to challenge the leaders. We can improve our competitiveness and we can pass on efficiencies to our customers, who ultimately benefit most.”
The Chilean business press says that Supermercados del Sur last year recorded losses of US$122m.
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