Swiss lender, UBS, will acquire a 38.6% stake in Chilean retailer, Cencosud’s supermarket business in Argentina, The Wall Street Journal reports. The Zurich-based bank will pay $442 million for the stake.
As per the agreement, Cencosud with allowed to buy back the stake from the bank within two years. Cencosud, which operates in Argentina, Brazil, Chile, Colombia and Peru, expects to invest nearly $1 billion this year in South America.
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