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 . . .
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