FEMSA completed the acquisition of a majority stake in WAXIE and North American for $900m.

Fomento Economico Mexicano, a beverages manufacturer, completed the acquisition of a majority stake in WAXIE Sanitary Supply, a supplier of sanitary products, and North American, a facility management business service provider, for $900m. This transaction is consistent with FEMSA’s capability set and fits well with FEMSA’s strategic intent of investing in adjacent businesses that can leverage those capabilities across different markets, while providing an opportunity for attractive growth and risk-adjusted returns. The transaction is subject to customary regulatory approvals and is expected to close during the first semester of 2020.