By Anthony Harrup
Fomento Economico Mexicano, better known as Femsa, agreed to sell its logistics unit Solística to Mexican transportation company Grupo Traxión as part of its strategy to focus on its core retail, beverages and digital operations.
The agreed sale for 4.06 billion pesos ($208 million), free of debt and cash, includes Femsa's transportation management operations in Mexico and contract logistics operations in Mexico, Colombia and Brazil, but not its less-than-truckload operations in Brazil, Femsa said Thursday.
The deal is expected to close in coming months.
Grupo Traxión, which provides logistics, freight and personnel transportation services, said Solística has an "asset-light model" and strong position particularly in northern Mexico.
Traxión said it will use a mix of cash on hand and existing credit facilities to finance the acquisition, leaving its leverage below 2.5 times 12-month earnings before interest, taxes, depreciation and amortization.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
October 10, 2024 09:59 ET (13:59 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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