Supermarket Chain Sale Confirmed

In Panama, Grupo Rey owners agreed to sell 73% of the company's shares to Ecuador's Corporación Favorita.

Thursday, January 24, 2019

At the beginning of November 2018, Grupo Rey was reported to have disposed of the sale of 60% of the shares to Corporación Favorita, a transaction that at that time was estimated could close at $273 million. However, according to the latest negotiations, the percentage of shares to be purchased by the Ecuadorian business group will be higher than initially announced, as they will acquire 73%.

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Prensa.com reviews that "... With this acquisition, the current shareholders of Grupo Rey are left with the remaining 27% of the shares. Until now, the total value of the transaction is unknown. The result will not be known until the public offer of shares (OPA) is closed, which is expected to culminate in two or three days."

The article adds that "... Once the transaction is completed in its entirety, control of the company will pass to Corporación Favorita, which will assume the role of majority shareholder of Rey Holdings, which includes Supermercados Rey, Romero, Mr. Precio, Metro pharmacies and Zaz convenience stores, in addition to its production and distribution centers."

Payment for the shares shall be made within ten business days following the completion date of the offer.

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