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.