FEMSA. Sale of 16 convenience stores to Enex

FEMSA. Sale of 16 convenience stores to Enex.

1.    Deal Description

Guerrero Olivos represented FEMSA in the sale of 16 convenience stores operating under the trademarks Oxxo and OK Market, to Inversiones Enex S.A. (affiliate of the Luksic Group holding, licensee of Shell in Chile, which operates convenience stores in Chile under trademarks UPA and UPITA).

Our M&A and competition teams oversaw the whole transaction. One of the complexities of the deal was that, in the context of FEMSA’s acquisition of OK Market convenience stores from SMU in 2022, the Competition Agency imposed several obligations such as the asset divestment commitment, which was fulfilled through the sale of the 16 convenience stores to Enex. Also, the sale to ENEX was executed under rigorous scrutiny of the regulators.

2.    Counsel list

Counsel to FEMSA

Guerrero Olivos

Partner: Jorge Delpiano

Senior associates: Sebastián Marambio and Juan José García

Associate: Daniela Ahumada

In-house counsel: Alejandro Gil and Claudia Guerra

Counsel to Enex

PPU Chile

Partner: Ignacio Larraín

Associate: Fernando Bustos 

In-house counsel: Angélica Seguel           

3.    Date of closing

05/04/2022

4.    Deal Value

5.    Jurisdictions involved

Chile