Mexican conglomerate Fomento Económico Mexicano (FEMSA) has purchased Chilean retail chain OK Market for an approximate amount of 43.5 million Chilean pesos ($55.2 million).
The purchase was carried out by FEMSA subsidiary FEMSA Comercio, which operates chains of small-format convenience stores in Mexico, Colombia, Chile, Peru, Ecuador and Brazil, among which there are OXXO proximity stores, drugstores under the brands YZA, Farmacon, Moderna, Cruz Verde, Fybeca and SanaSana, and Maicao beauty stores.
FEMSA Comercio also operates service stations in Mexico under the OXXO GAS brand. Through its business units, FEMSA Comercio has more than 198,000 employees and serves more than 13 million consumers daily.
OK Market is a leading small-format proximity store chain in Chile, with more than 120 locations. During 2019, it recorded total sales of more than 50 billion Chilean pesos ($63.5 billion).
The transaction is subject to final confirmatory due diligence, the signing of definitive agreements and customary regulatory and anti-trust approvals and is expected to close during 2021.
“In recent years, we have made great progress developing the value proposition and footprint of our OXXO proximity stores in Chile,” Daniel Rodríguez Cofre, FEMSA Comercio’s CEO, said.
“The transaction announced today will allow us to improve the way we serve this key market and our Chilean customers,” he added.
Through its business units, FEMSA has more than 320,000 employees in 13 countries.
FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index, among other indexes that evaluate is sustainability performance.