August 6, 2019 / 9:28 PM / 12 days ago

Mexico's Femsa buys 50% of Brazil's Raízen convenience stores chain

SAO PAULO, Aug 6 (Reuters) - Mexico’s Femsa SAB de CV has agreed to buy 50% of convenience stores chain Raízen Conveniencias in Brazil, according to a securities filing on Tuesday.

The joint venture values Raízen Conveniencias, which operates convenience stores in the third largest chain of gas stations in Brazil, at 1.12 billion reais ($283 million). The store chain is a unit of Raizen, itself a joint venture between Brazil’s Cosan SA and Royal Dutch Shell Plc. ($1 = 3.9610 reais) (Reporting by Tatiana Bautzer and Marcelo Teixeira; editing by Jonathan Oatis)

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