Supermercados La Favorita to acquire 60% stake in Rey Holdings Corp

Rey Holdings Corp's, a leading retail company in Panama founded in 1958, with 80 stores across the country, proposed sale of a controlling interest in Grupo Rey to Supermercados La Favorita, C.A. Favorita will execute the acquisition through a tender offer in Panama for at least 60% of the outstanding shares of Grupo Rey. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2019. Favorita is an Ecuadorian conglomerate with operations across 6 countries in Latin America. Favorita operates 311 stores under several formats that cater to different market segments.