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Alsea to buy Wal-Mart de Mexico Vips restaurant chain

Wednesday, September 11, 2013

Mexican restaurant operator Alsea has agreed to buy Wal-Mart de Mexico's Vips restaurant business.

The companies said that Alsea, which manages brands like Domino's Pizza, California Pizza Kitchen and Starbucks Coffee, will acquire Wal-Mart de Mexico's 362 restaurants for $ 626 million.

Vips is an "icon" in the Mexican restaurant industry with a market share of 11.7 percent and 99 percent brand recognition, Alsea said.

Source: Nasdaq