Category Archives: Companies

Comerci to sell 160 stores to Soriana for $2.7 billion

Soriana said the new stores would lift its total sales by 37 percent.
Soriana said the new stores would lift its total sales by 37 percent.

Reuters

Mexican supermarket chain Comercial Mexicana has agreed to sell most of its stores to its rival Soriana for 39.19 billion pesos ($2.66 billion), the two companies said on Wednesday.

Comercial Mexicana, known locally as Comerci, said the sale of 160 stores, including the low-price Mega and Bodega Comercial Mexicana formats, will allow it to focus on its other brands where it sees greater growth opportunities.

Comerci, which first said it was exploring a sale in January 2014, will be left with just 40 stores. It will keep its upmarket, higher-margin retail formats such as City Market, and some other assets that contribute around 22 percent of its revenue.

It will spin off those assets into a new company, allowing Soriana to make an offer to buy the rest of Comerci, subject to competition and stock exchange approvals.

http://www.reuters.com/article/2015/01/29/organiza-soriana-controladora-com-idUSL1N0V808720150129

After fraud revealed, Pemex unveils new supplier, contractor system

Pemex logo with nozzleSentido Comun – Petroleos Mexicanos announced that it has begun implementing a new system for recording and pre-assessing suppliers and contractors to build a reliable supply chain and allow better combat fraud irregularities and practices.

The announcement was made by the company just a couple of days after the Reuters news agency disseminated an extensive investigation that showed various irregularities in the structure of procurement and contracting of the Mexican state oil company.

http://www.sentidocomun.com.mx/articulo.phtml?id=17087

AT&T to buy Nextel’s wireless assets for $1.9 billion in third deal to expand into Mexico

AT&T continues its expansion into Mexico.
AT&T continues its expansion into Mexico.

By Scott Moritz and Patricia Laya  / Bloomberg

AT&T Inc., the second-largest U.S. mobile-phone carrier, agreed to buy NII Holdings’ Mexican wireless assets for $1.875 billion in its third deal to expand south of the U.S. border.

The acquisition includes companies that operate under the name Nextel Mexico, spectrum licenses, network assets, retail stores and about 3 million customers, Dallas-based AT&T said in a statement.

The purchase price doesn’t include an unspecified amount of debt from NII, which filed for bankruptcy in September.

Nextel Mexico’s high-paying monthly subscribers will help AT&T accelerate a plan to offer its first cross-border service in the U.S. and Mexico.

AT&T’s pending takeover of DirecTV, which has operations in Mexico, marked the company’s first push outside the U.S. in more than a decade as growth slows at home. The company has since added to that expansion with the $2.5 billion acquisition of Grupo Iusacell, which closed earlier this month.

http://www.bloomberg.com/news/2015-01-26/at-t-agrees-to-buy-nextel-mexico-for-1-875-billion-minus-debt.html