Femsa said that the transaction is subject to closing conditions and government approvals and is expected to be completed during the first quarter of 2023.
The Monterrey-based company consolidates its omnichannel strategy with this move, which also includes digitization to connect shopkeepers with distributors of its products.
Last week, during the conference to comment on its financial statements, executives announced that the company would invest in a B2B service through its financial technology arm, without offering more details.
At the beginning of the month, Spin, Oxxo’s fintech, obtained authorization from the National Banking and Securities Commission (CNBV) to organize and operate as an Institution of Electronic Payment Funds, that is, as an electronic wallet or purse .
Spin users can send and receive money through electronic transfers (SPEI). Also, they can pay for services and purchase airtime from the app, as well as make deposits and withdrawals.
In the third quarter of the year, Femsa reported that its profits decreased by 23.8% year-on-year to 10,748 million pesos (534 million dollars).
The company’s total revenues totaled 171,664 million pesos in the period, 20.5% more than those reported between July and September 2021.