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Costco to pay $760 million to buy out Mexico unit

Thursday, June 14, 2012

Costco Wholesale plans to buy the rest of Costco de Mexico, a joint venture between the wholesale-club operator and a Mexican retailer, for $760.4 million in cash.

Costco Mexico has been owned 50 percent by both Costco and Controladora Comercial Mexicana, which runs retail outlets and restaurants.

Costco Mexico plans to issue a dividend of about $340.9 million. Half of the amount will be paid to a subsidiary of Costco Wholesale and the other half will go to Comercial Mexicana.

Source: Dow Jones