CENCOSUD to acquire Wong in Peru

Planet Retail 17 Dec 07

Chilean retailer Cencosud yesterday announced that it had agreed to acquire the supermarket and shopping centre operations of Peruvian retailer Wong for a transaction including stock valued at USD500 million. Wong is the largest retailer in Peru. The retailer operates around 50 stores in the country, including hypermarkets, superstores, supermarkets and non-food discount stores. The company has also an internet service.

Cencosud said the Wong family, which owns 96.83% of Grupo Wong, would receive 49.75 million shares of the Chilean retailer under the deal, valued at CLP2,000 (USD3.87) per share. The move marks Cencosud's entry onto the Peruvian market, its fifth country in the Latin American region.

Cencosud will receive 100% of the stock in GSW S.A., which operates the Grupo Wong supermarkets and shopping centres and which is 97% owned by the Wong family. The remaining 3% will be acquired from the FMO Investment Fund.

Average rating

(0 votes)