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Although the operation occurs at a complex time for its controller, the company indicated that resources will be used for the company’s strategic plan.
After more than a year of negotiations, SMU, the supermarket of the Saieh group, agreed to sell its OK Market convenience store unit to Mexico’s Femsa, which operates through Oxxo.
The operation was informed to the market on Thursday night and was closed through a binding agreement which will involve a payment of close to US $ 55 million for the 123 stores that -until June- the company had, which in any case will have to overcome the scrutiny of the National Economic Prosecutor’s Office (FNE), given that OK Market and Oxxo are the main players in the market.
Marcelo Gálvez, general manager of SMU, said in a statement that “OK Market’s decision to sell is due to the receipt of an attractive offer, which recognizes the creation of value in these 10 years under our administration, a period in which the geographic coverage and the number of stores tripled, building a format valued by consumers and profitable, with sales of more than $ 50 billion a year. “
Daniel Rodríguez, CEO of Femsa Comercio, added in another statement that “in recent years, we have made great strides in the development of our value proposition and in the coverage of our Oxxo proximity stores in Chile. The transaction announced on the day of Today, it will allow us to improve the way we serve this key market and our Chilean clients. “
The Mexican had arrived in Chile in 2016, when it agreed to purchase the Big John chain, which later changed its name to its iconic brand Oxxo, which has a presence in several countries in the region. Although there was no official information, at that time sources familiar with the operation placed the amount paid by that chain at US $ 40 million, to which was later added the purchase of the Cruz Verde pharmacy chain.
At the beginning of this year, Femsa had 91 stores and the goal was to reach 250 next year, all of this before the pandemic appeared. Therefore, the analysis made by the FNE will be key to the viability of the operation.
The sale de OK Market occurs at a complex time for the group led by Álvaro Saieh, which is in full negotiation with its Corp Group Banking creditors, who, for the second time this year, see how the payment of an interest maturity of the bond for US $ 500 million that they raised in 2013 is complicated.
Regarding the destination of the resources that they will eventually receive in 2021 -year in which it is estimated that the green light could be achieved for the operation-, SMU said that “the board approved that the funds from this transaction will strengthen our strategic plan, which significant investments in e-commerce, new openings and remodeling in the Unimarc and Alvi formats, the enhancement of the Wholesale 10 economic format and store openings in Peru. “
The Saieh group holds 52.50% of the shares of SMU, according to the company’s 2019 report, while Southern Cross has 10.173%.
In the middle of the negotiation process for the Corp Group situation, sources had assured that the businessman had tried on several occasions to sell control of the retail chain to make cash and thus comply with his financial creditors, but no interested parties had arrived.
At that time, holding CorpGroup completely ruled out the possibility of selling control of SMU.
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