Supermarket Chain Sold in Panama

In Panama, the owners of Grupo Rey agreed to sell 60% of the shares to Ecuador’s Corporacion Favorita, a transaction that could cost $273 million.

The Share Acquisition Public Offer (OPA) launched by Corporacion Favorita was established at $8.58 per share, in which the Ecuadorian group committed to purchase 60% of the issued shares, for which it will acquire approximately 31.8 million shares.

According to information provided by Grupo Rey, the agreement between the two companies was concluded on November 6th; however, the agreement had been under preparation for months.

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Prensa.com reports that “… Once the transaction is fully completed, control of the company will transfer to Corporacion Favorita, which will assume the role of majority shareholder of Rey Holdings, which includes Supermercados Rey, Romero, Mr. Precio, Metro pharmacies and Zaz convenience stores, as well as its production and distribution centers.”

Add the article that “… The last two years have been a kind of roller coaster for Grupo Rey. In 2017, the supermarket chain had suffered dramatic losses because of computer system failures and a drop-in sale, which led to changes in the executive team.”