Grupo Axo, a Latin American premier partner to global fashion brands, agreed to acquire the Argentina, Chile and Uruguay operations of Nike. Grupo SBF, agreed to acquire the Brazilian assets of Nike, for $213m. "As Nike continues to successfully implement the Consumer Direct Offense we are dedicated to serving consumers more personally and investing against the company’s long-term growth opportunities. Nike manages successful distribution businesses around the world and expanding this model in the rest of South America will help drive sustainable, profitable growth. Our partners are committed to serving local consumers and elevating retail and digital experiences and share Nike’s values and commitment to employees," Elliott Hill, Nike President, Consumer and Marketplace. When the transition is complete Grupo Axo will acquire Nike’s operations in Argentina, Chile and Uruguay, and Grupo SBF, through its wholly-owned subsidiary, will become the owner of substantially all of Nike’s operations in Brazil.