Chilean company purchase control of Dicico for $ 388 million

The retailer Falabella reported on Monday (27) reached an agreement to buy control of the company from building materials and Dicico reform in Brazil, marking the entry of Chilean group in the largest consumer market in the region.
The company, which has operations in Argentina, Colombia and Peru, as well as Chile, detailed that its subsidiary Falabella buy 50.1% of the shares of Construdecor-owner of Dicico – for a total of $ 388 million.
"This gives a new impetus to our regional growth, allowing us to enter the main market of Latin America through a building material with a strong presence in the region of São Paulo, along with a partner with extensive experience and local knowledge," said in a statement the corporate General Manager of Falabella, Sandro Solari.
To take control of Construdecor, the Falabella will shell out $ 319 million in the next capital increase of Brazilian company, whereas the difference shall be paid by currently existing actions. The acquisition will be financed partly by equity and partly with banking resources. The operation must be completed by June 30.
The Dicico operates 57 stores in the State of São Paulo, with a sales area of 118 square meters and revenue reached R $ 789 million in 2012.