Walmart of Mexico (Walmex) reported on Thursday that its majority shareholder, Walmart, agreed to buy Cornershop for 225 million dollars and that after this acquisition will sell the operations of the delivery platform at home in Mexico Y Central America.

"Walmart has reached a definitive agreement to acquire Cornershop for 225 million dollars." Simultaneously or shortly after the acquisition, Walmart expects to sell Walmex the operation of Cornershop's business in Mexico and Central America, "the company said in a statement.

The price and other terms of the transaction will be based on the business market value It will be acquired, taking into consideration a series of factors, including the best interests of Walmex and its shareholders, he added.

"The acquisition of Cornershop is very special for Walmex, as it marks a major step towards fulfilling our goal of becoming the best omnichannel retailer in Mexico.The digital leadership, technology and capabilities of Cornershop, combined with infrastructure, scale, Walmex's experience and logistics capabilities will allow us to accelerate growth and deliver a frictionless shopping experience to more customers, "said the president and CEO of Walmart de México y Centroamérica, Guilherme Loureiro.

Cornershop, which also operates in Chile, will remain as an open platform that will deliver from a wide variety of stores, extending the convenience and availability of food, health and beauty items and products packaged to Walmart customers, he explained.

"It is estimated that the acquisition, which is subject to the approval of the competent authorities, will close before the end of the year," said Walmex.

Another relevant operation is that, as of this Thursday, Cornershop customers can purchase Walmex products.

The merchandise will be sold "at the same price as that sold in physical stores and clubs." The commercial agreement will be initially implemented in the Mexico City, Guadalajara and Monterrey", he said in the text.

Walmart de México y Centroamérica will later offer a telephone conference on the acquisition of Cornershop.


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