MEXICO CITY May 5 Mexican restaurant operator
Alsea said on Monday it received regulatory approval
to purchase retailer Walmex's Vips restaurant chain, with the
deal set to be finalized in the coming days.
Alsea, which runs Domino's Pizza, Starbucks and Burger King
franchises in Mexico, agreed to buy Walmex's 361
restaurants in September for 8.2 billion pesos ($630.85
The transaction had been held up by Mexico's competition
watchdog, which made the deal conditional on Alsea providing
information about exclusivity agreements with the malls in which
it operates, and eliminating 54 exclusive clauses in contracts
Alsea said the deal would initially be financed with a
long-term 3 billion peso bank loan, and a 12-month bridge loan
of 5.2 billion pesos.
"Alsea and Walmex estimate that the deal will be finalized
in the coming days," Alsea said in a statement.
Alsea shares were down 1.27 percent at 44.2 pesos, while
Walmex shares were up 0.47 at 32.39 pesos in early trading.
($1 = 12.9982 Mexican pesos)
(Reporting by Gabriel Stargardter; Editing by Paul Simao)