SMU Takes Supermercados del Sur

Chile’s Grupo SMU has agreed to acquire control of smaller peer Supermercados del Sur from private equity firm Southern Cross, paying with 433.3m in new shares worth CLP1305.trn ($266m). SMU, controlled by conglomerate Grupo Saieh, did not release additional numbers for the privately held supermarket operator, and did not respond to requests or comment. SMU bought 81.3% of Supermaercados del Sur in the deal , according to Dealogic data. The transaction could boost SMU to second rung in the sector, says a Santiago-based retail analyst. Supermercados del Sur was reported in April to be eyeing an IPO, as was SMU, operator of the Unimarc chain.