The Chilean group Cencosud announced the purchase of 67% of the American supermarket chain The Fresh Marketin an operation valued at 676 million dollars, which marks his arrival in that country.
The operation was notified to the Chilean securities regulator, Cencosud explained that it reached the agreement on the chain that operates 160 storeswhose controlling fund is managed by affiliates of Apollo Global Management.
“The agreement also establishes the possibility that through legal mechanisms that are common practice in the United States, after a certain period of time, Cencosud Internacional can reach a 100% stake,” the Chilean firm said.
The disbursement may be adjusted “according to TFM’s cash, debt, working capital and certain other variables on the date the transaction becomes effective,” he added.
The Fresh Market, which reported revenue of 1,933 million dollars in 2021 and an adjusted Ebitda of 196 million, it is a premium specialty supermarket that operates in 22 states of the North American nation, mainly in Florida.
After the operation, the US market would come to represent 12% of the retail group’s income.
The transaction is subject to the fulfillment of certain conditions, including obtaining authorization from the US free competition authority.