Almacenes Exito Sells $1.3B Shares

Almacenes Exito, Colombia’s biggest publicly traded retailer, has raised $1.3 billion through a sale of new shares,Reutersreports. The company, controlled by France’sCasino Guichard Perrachon, will use the proceeds to help finance acquisitions in Uruguay and move into other Latin American markets.

The company will use some of the capital to pay for its planned $746 million purchase of majority stakes in Uruguayan retail chainsDevotoandDisco. The stock offer was extended first to shareholders, including Casino.

Click here for the story fromReuters.