Assai to acquire 71 Extra Hiper stores from GPA for $943m.

Assai, a wholesaler, agreed to acquire 71 Extra Hiper stores from GPA, a supermarkets retailer, for $943m. "The payment for the stores will allow it to pursue merger and acquisition targets among regional supermarket chains. The transaction would raise GPA’s profitability and reduce its debt as the company walks away from its Extra Hiper hypermarkets chain to focus on its flagship Pao de Acucar stores," Jorge Faical , GPA CEO.