News

Santiago de Chile. Cencosud retailer – related to the businessman Horts Paulmann – reported the acquisition of a supermarket chain and gas stations Bretas – related to the Brazilian family Duarte -, which operate in the States of Minas Gerais, Bahia and Goiás, in Brazil.

The operation, valued at around US$ 812 millions, will enable Cencosud to operate 62 new supermarkets, 10 gasoline stations and 3 distribution centres.

According to what was reported to us, Cencosud will pay a total of US$ 602 millions at the moment of closing the transaction. Another US$ 60 millions will be paid on December 30th, 2011, while U$S 151 millions will be liquidated on December 30th, 2014.

The agreement with the current owners of the Bretas chain also includes the commitment on the part of the sellers to inaugurate other eight new supermarkets before December 31st, 2013.

“With this strategic acquisition, Cencosud S.A. makes its entrance in the states of Minas Gerais and Goiás, consolidating its relevant positioning in the supermarket business in Brazil”, said Daniel Rodriguez, Corporate General Manager of Cencosud.

The agreement subscribed between Cencosud and the Duarte family also considers the opening of new stores. “An agreement has been signed with the sellers for the construction and inauguration of 30 new supermarkets of which we will take possession during the next 3 years”, said Cencosud.

The Brazilian chain Bretas - founded by the family by the same name in the 50s decade in Bello Horizonte – estimated that for this year their total sales would reach U$S 1.505 millions.

Source: newspaper La Tercera