MEXICO: Grupo Modelo to sell retail business to up beer focus
A-B InBev-owned Modelo is divesting its Mexican retail business
The unit said today (10 February) that it has struck a deal with Mexican retail chain Circulo K to sell the business, which includes all 878 stores, for an undisclosed sum. Modelo said the transaction will allow it to “focus on its core business of producing, distributing, and selling beer”.
Ricardo Tadeu, Grupo Modelo’s CEO, who replaced Carlos Fernandez after A-B InBev acquired the Mexican group last year, said: “We will continue to develop strong bonds with Circulo K and they will continue to be one of our most important clients.”
Carlos Kalach, Circulo K’s CEO, said: “After working intensely for many years in consolidating a successful and productive company in the sector, we are greatly excited about the challenge of doing it at a national level.”
The deal remains subject to the approval of Mexico’s Federal Competition Commission.
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