Exito Continues Financing With Share Sale

As part of its acquisition financing of local rival Carulla Vivero, Colombian retailer Almacenes Exito has raised $116 million from the sale of new shares. Exito sold 24.4 million shares to existing shareholders at 10,500 pesos per share. The proceeds of the share sale will go towards funding the $470 million acquisition of a 72.2% stake in Carulla.