Wal-Mart Stores, Inc. Completes Purchase Agreement for Shares of Walmart Chile
Wal-Mart Stores, Inc. (NYSE: WMT) today announced the completion of its previously announced share p…Wal-Mart Stores, Inc. (NYSE: WMT) today announced the completion of its previously announced share purchase agreement for approximately 25.06% of Walmart Chile from Mr. Felipe Ibáñez Scott and Mr. Nicolás Ibáñez Scott, as well as each of their directly and indirectly affiliated persons and entities who hold shares in Walmart Chile, for US$0.9124 per share. As a result of the transaction, Walmart now owns 99.72% of the outstanding shares of Walmart Chile.
“We believe there is a lot of potential in Chile, and this acquisition is consistent with Walmart’s strategy of managing our portfolio and investing in growth markets,” said David Cheesewright, president and CEO of Walmart International. “We thank the Ibáñez family for their invaluable contributions both to Walmart Chile and the Chilean retail industry as a whole, and we are proud to continue to invest in this great business they founded.”
As previously announced, in the coming days Walmart intends to launch a cash tender offer for the remaining outstanding shares of Walmart Chile. Subject to applicable requirements, upon closing of the tender offer, Walmart Chile intends to commence the process to be delisted from the Santiago Stock Exchange.
In 2009, Walmart acquired a majority interest in Distribución y Servicio D&S S.A., Chile's leading food retailer, which was subsequently renamed Walmart Chile. With headquarters in Santiago, Walmart Chile today operates several formats including hypermarkets, supermarkets and Ekono convenience stores. Walmart International generates nearly 30 percent of the Company’s revenue, serving more than 109 million customers every week in more than 6,200 retail units under 64 banners in 26 countries outside the U.S.