Corporacion Favorita acquired Grupo Rey, a 60-year-old company with a turnover of approximately $ 700m a year, which currently has a portfolio of 51 supermarkets, 76 pharmacies, 17 convenience stores and 3 major production and distribution centers in Panama. Financial terms were not disclosed. The bidder stated that the acquisition will be fully funded by international loans without compromising the company's liquidity in Ecuador or planned local investment.