Femsa takes 60 pct stake in operator of Chile pharmacy chain Cruz Verde

Mexican retail group Femsa has acquired a 60 percent stake in Chilean pharmacy operator Socofar, which runs the Cruz Verde chain in Chile and Colombia, the Mexican company said on Friday.

Femsa said Socofar was valued at US$998 million, including net debt, but did not specify how much cash it had paid for its stake, according to a statement to the Mexican stock exchange.

According to the statement, current controlling shareholders will keep 40 percent of Socofar and will elect two board members, including the President. FEMSA will exercise operating control.

The deal is still subject to regulatory approval, the statement said.

Cruz Verde is Chile's largest pharmaceutical chain, with more than 590 branches, according to its website. It is family-run and was founded in the 1980s.

Femsa owns the Oxxo chain of convenience stores and Latin America's largest Coke bottler, Coca-Cola Femsa. It also operates around 600 pharmacies in Mexico through its YZA and Moderna brands.