Mega-merger: Canada's Dollarama buys DollarCity of El Salvador

Dollarama said it would acquire a 50.1 per cent stake in Latin American value retailer Dollarcity, as the Canadian discount store operator looks to expand in the region.

The deal is valued in the range of $85 million to $95 million. Dollarcity has 180 stores, including 44 in El Salvador, 54 in Guatemala and 82 in Colombia, Reuters reports.