With this purchase, Cencosud enters the wholesale format, known as Cash & Carry in the Argentine market.

Chilean retailer Cencosud announced that through its Argentine subsidiaries it signed an agreement today to acquire 100% of the companies Supermercados Mayoristas Makro and Roberto Basualdo, for US$ 122.5 million.

The company indicated that the amount may be adjusted based on net debt, working capital and other conditions established in the contract. The acquisition will be made entirely with available equity.

Makro and Basualdo have a history of more than 35 years in Argentina, and operate in the wholesale sales format -known as Cash & Carry- through 28 stores, most of which are owned by them. Both companies have excellent locations, with a presence in 12 cities and 10 provinces in Argentina, including Buenos Aires, Santa Fe and Córdoba. Additionally, Makro maintains a portfolio of own brands with a high level of customer loyalty that are part of its value proposition.

"By virtue of this acquisition, Cencosud, through these new subsidiaries, will strengthen its presence in the Argentine market by entering the wholesale sales segment, also generating synergies with its current operations," Cencosud noted in a statement.

Regarding this operation, Cencosud CEO Rodrigo Larraín said that “we are very pleased with this opportunity for growth in Argentina, a market where we have been present for more than 40 years with our Supermarkets, Shopping Centers, Home Improvement Stores and Financial Services. Makro has excellent locations of its own, complementary to ours, and is the entry into the Cash & Carry format, which we already operate in Brazil through GIGA. We see attractive opportunities for synergies and strengthening of our operation in the country.”