Mexican retailer Soriana is to buy the domestic and US stores of rival Grupo Gigante in a deal worth US$1.35bn.
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Soriana will acquire Gigante’s 199 Mexican stores, plus seven outlets in Los Angeles.
Soriana, Mexico’s number two retailer behind Wal-Mart, said the deal would bolster its presence in Mexico City, where Gigante has some 47 stores.
The deal, which remains subject to anti-trust approval, also includes 12 Gigante distribution centres, among other assets.
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