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SAO PAULO, Brazil - Brazil's largest retailer Companhia Brasileira de Distribuicao (CBD), popularly known as Grupo Pao de Acucar, today finalized negotiations to acquire 100 percent of supermarket chain Supermercados ABC, Reuters reported.
The company announced last week that it was negotiating to buy ABC. No purchase price was disclosed.
ABC has 26 stores in Rio de Janeiro state and annual sales of 400 million reais ($158 million), a company statement published in newspapers said.
CBD has 412 stores in 11 states and sales in 2000 of 9.6 billion reais ($3.7 billion), Reuters reported. With the purchase of ABC, it will have 39 supermarkets and eight hypermarkets in Rio de Janeiro state.