MEXICO CITY (Reuters) - Mexican brewer Grupo Modelo has reached an agreement with Circulo K to sell its Extra convenience stores in Mexico, the company said in a statement on Monday.
The sale includes 878 Extra stores but the cost of the transaction was not disclosed, a Modelo spokeswoman told Reuters.
The sale to Circulo K, which is a licensee of the Circle K brand, awaits regulatory approval.
Prior to the announcement, Circulo K had 150 convenience stores in Mexico, according to its website.
Grupo Modelo GMODELOC.MX, which makes Corona beer among others brands, is owned by Anheuser-Busch InBev SA (ABI.BR), the world’s biggest brewer.
Mexico’s convenience store market is currently dominated by the Oxxo chain, owned by Mexican bottler and retailer FEMSA (FMSAUBD.MX), which operates more than 11,0000 stores in the country.
(This version of the story corrects the February 10 story to make clear that the sale was to Circulo K, a licensee of the Circle K brand, not to Circle K. Also corrects to make clear that reference is to Circulo K Web site and not Circle K Web site.)
Reporting by David Alire Garcia and Gabriela Lopez; Editing by Lisa Von Ahn and Bernadette Baum