Business

Chilean Cencosud buys Giga supermarket chain for BRL 500 million – 05/06/2022 – Mercado

Chilean retailer Cencosud said this Friday (6th) that it has signed an agreement worth around US$ 100 million (R$ 507 million) to acquire the Brazilian supermarket chain Giga.

Founded in 2009, Giga has ten stores in the metropolitan region of São Paulo and a distribution center.

“The purchase price of BRL 500 million may be adjusted based on Giga’s current working capital on the date the transaction becomes effective,” Cencosud said in a statement.

“With this transaction, Cencosud enters the largest market in Brazil and South America, directly with the fastest growing format in Brazil and the most resistant to recessive macroeconomic contexts”, he added.

Completion of the purchase is subject to the fulfillment of certain conditions, including obtaining approval from Cade.

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