September 24, 2018 / 10:37 PM / 24 days ago

Mexico's Femsa to enter Ecuadorean drug store business

MEXICO CITY, Sept 24 (Reuters) - Mexican bottler and retailer Fomento Economico Mexicano, or Femsa, said on Monday it had reached a deal to acquire Ecuadorean drugstore operator Corporacion GPF, without providing details about the transaction.

Femsa, which controls Coca-Cola Femsa, the world’s largest Coke bottler, and operates the OXXO convenience stores, said the acquisition was subject to regulatory approvals and was expected to close during the first quarter of 2019.

Femsa will purchase Corporacion GPF through its majority-owned subsidiary Socofar, a Chile-based drugstore and distribution platform.

“GPF is a strong local operator with attractive growth prospects, and it will help Socofar as it continues to build a robust base from which to expand further in the region,” Femsa said in a statement.

Corporacion GPF operates more than 620 points of sale in Ecuador.

Femsa representatives were not immediately available to provide further details about the transaction. (Reporting by Noe Torres Writing by Anthony Esposito; editing by Diane Craft)

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