Fomento Economico Mexicano SAB de CV, or FEMSA, on Sept. 24 agreed to buy Ecuadorian drugstore operator Corporación GPF in a bid to boost FEMSA's drugstore strategy in South America.
The company did not disclose financial details of the acquisition.
Socofar, a majority-owned subsidiary of FEMSA, executed the deal to buy Corporación GPF, which runs over 620 points of sale across Ecuador primarily under the Fybeca and SanaSana stores.
FEMSA said the move is in line with its drugstore strategy in South America, following its acquisition of Socofar in 2015.
The Mexican beverage company expects the deal to close during the first quarter of 2019, subject to customary regulatory approvals.