Chile's Falabella buys Peruvian home improvement chain for $490 mln

miércoles 17 de septiembre de 2014 12:55 GYT

SANTIAGO, Sept 17 (Reuters) - Chile-based retailer Falabella said it had bought Peruvian home improvement retailer Maestro for about $490 mln, as it seeks to increase its presence in the sector in Peru's fast-growing economy.

Falabella, which through its eponymous department stores and own home improvement chain Sodimac is one of South America's largest retailers, said on Wednesday that it had purchased all of private equity-owned Maestro.

(Reporting by Rosalba O'Brien and Patricia Velez; Editing by Chizu Nomiyama)