September 13, 2018 / 12:51 PM / 11 days ago

Walmart to buy Cornershop delivery service for Mexico unit Walmex

MEXICO CITY, Sept 13 (Reuters) - Mexico’s biggest retailer Walmart de Mexico said on Thursday that its parent company Walmart Inc. reached a deal to buy Latin American food delivery service Cornershop Inc. for $225 million.

The company, known as Walmex, also said its parent plans to immediately or soon sell Cornershop’s Mexico operations to Walmex. Cornershop also operates in Chile.

“The Cornershop acquisition marks a big step towards achieving our objective of becoming the best omnichannel retailer in Mexico,” Walmex Guilherme Loureiro said in a statement filed with the Mexican stock exchange.

Walmex will hold a call on the deal, expected to close before the end of the year, with investors at 0930 ET.

Reporting by Daina Beth Solomon Editing by Chizu Nomiyama

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