MANILA, March 23 (Reuters) - Philippines’ Robinsons Retail Holdings Inc is acquiring the Manila food retailer of Dairy Farm International Holdings Ltd in a deal valued at 18 billion pesos ($343.6 million) through a share swap.
The deal aims to create a leading food retailer in the Philippines, among the fastest growing economies in the world owing to strong consumer spending, Robinsons Retail said in a stock exchange disclosure on Friday. (bit.ly/2DOTRP7)
Robinsons Retail will acquire Dairy Farm’s 100 percent shares in Rustans Supercenters Inc, valued at 18 billion pesos ($343.6 million).
In exchange, Dairy Farm will own 18.25 percent of Robinsons Retail. Dairy Farm is the Asian retail arm of conglomerate Jardine Matheson Holdings Ltd.
“Leveraging the combined strengths of Robinsons Retail and Rustans will lead to benefits to customers in terms of even better service, quality and value,” the company said.
Robinsons Retail, owned by the Philippines’ second richest family, operates more than 3,400 supermarkets, department stores, convenience stores, pharmacy and speciality stores. Rustans owns five food retail brands in the Philippines.
$1 = 52.3860 Philippine pesos Reporting by Neil Jerome Morales; Editing by Biju Dwarakanath