Walmex to buy Wal-Mart in Central America

Mexico's top retailer Wal-Mart de Mexico, or Walmex, said on Sunday it had signed a deal to buy Walmart Centroamerica, the local division of Wal-Mart Stores, Inc.                                           

Walmex said in a statement it would pay pesos1.4 billion ($110 million) in cash and would issue around 593 million new shares to compensate minority investors in the Central America retail chain who agreed to be paid in shares.                                           

Walmart Centroamerica is the main supermarket chain in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica, with 519 stores.                                           

Wal-Mart Stores, Inc owns 51% of Walmart Centroamerica, with the remainder in the hands of local investors and the deal gives it control in Central America as the US company also has a majority share of Walmex.