FEMSA to control 100% of OXXO Brazil
FEMSA (NYSE: FMX) announced the termination of its joint venture with Raízen in Brazil, known as "Grupo Nós". Through this agreement, FEMSA will gain full control of all OXXO stores in Brazil and the distribution center in Cajamar, São Paulo, while Raízen will retain the Shell Select convenience stores.
The transaction will be cash-neutral for both parties, with FEMSA assuming Grupo Nós' existing debt. The deal highlights FEMSA's strategic focus on Brazil's retail market, where it aims to expand OXXO's presence by leveraging the country's fragmented retail landscape and low penetration of modern convenience formats.
The transaction completion is pending regulatory approvals and expected to close in the coming months.
FEMSA (NYSE: FMX) ha annunciato la cessazione della sua joint venture con Raízen in Brasile, nota come "Grupo Nós". Con questo accordo, FEMSA assumerà il pieno controllo di tutti i negozi OXXO in Brasile e del centro di distribuzione di Cajamar, San Paolo, mentre Raízen manterrà le convenience store Shell Select.
L'operazione sarà neutra in termini di liquidità per entrambe le parti: FEMSA si farà carico dell'indebitamento esistente di Grupo Nós. L'intesa sottolinea l'attenzione strategica di FEMSA sul mercato retail brasiliano, dove punta a espandere la presenza di OXXO sfruttando l'elevata frammentazione del settore e la bassa penetrazione delle convenience moderni.
Il perfezionamento dell'operazione è soggetto alle approvazioni regolamentari e si prevede venga completato nei prossimi mesi.
FEMSA (NYSE: FMX) anunció la terminación de su empresa conjunta con Raízen en Brasil, conocida como "Grupo Nós". Mediante este acuerdo, FEMSA obtendrá el control total de todas las tiendas OXXO en Brasil y del centro de distribución en Cajamar, São Paulo, mientras que Raízen conservará las tiendas Shell Select.
La transacción será neutra en efectivo para ambas partes; FEMSA asumirá la deuda existente de Grupo Nós. El acuerdo pone de manifiesto el enfoque estratégico de FEMSA en el mercado minorista brasileño, donde busca ampliar la presencia de OXXO aprovechando la fragmentación del sector y la baja penetración de formatos modernos de conveniencia.
El cierre de la operación está sujeto a aprobaciones regulatorias y se espera que se concrete en los próximos meses.
FEMSA (NYSE: FMX)는 브라질에서 Raízen과의 합작법인인 'Grupo Nós'의 종료를 발표했습니다. 이 합의에 따라 FEMSA는 브라질 내 모든 OXXO 매장과 상파울루 카자마르의 유통센터에 대한 완전한 통제권을 확보하게 되며, Raízen은 Shell Select 편의점은 보유하게 됩니다.
이번 거래는 양측에 대해 현금 중립적으로 처리되며, FEMSA가 Grupo Nós의 기존 부채를 인수합니다. 이번 합의는 FEMSA가 분산된 소매시장과 현대적 편의점 형태의 낮은 보급률을 활용해 브라질에서 OXXO의 입지를 확장하려는 전략적 초점을 드러냅니다.
거래 성사는 규제 승인 대기 중이며 향후 몇 달 안에 마무리될 것으로 예상됩니다.
FEMSA (NYSE: FMX) a annoncé la fin de sa coentreprise avec Raízen au Brésil, connue sous le nom de « Grupo Nós ». Dans le cadre de cet accord, FEMSA prendra le contrôle total de tous les magasins OXXO au Brésil et du centre de distribution de Cajamar, São Paulo, tandis que Raízen conservera les magasins Shell Select.
La transaction sera neutre en trésorerie pour les deux parties, FEMSA reprenant l'endettement existant de Grupo Nós. L'opération met en lumière l'axe stratégique de FEMSA sur le marché de la distribution brésilien, où elle souhaite développer la présence d'OXXO en tirant parti de la fragmentation du secteur et de la faible pénétration des formats de convenience modernes.
La finalisation de la transaction est soumise aux approbations réglementaires et devrait intervenir dans les prochains mois.
FEMSA (NYSE: FMX) gab die Beendigung seines Joint Ventures mit Raízen in Brasilien bekannt, bekannt als "Grupo Nós". Durch diese Vereinbarung wird FEMSA die volle Kontrolle über alle OXXO-Filialen in Brasilien und das Vertriebszentrum in Cajamar, São Paulo, übernehmen, während Raízen die Shell Select Convenience Stores behält.
Die Transaktion wird für beide Parteien cash-neutral sein; FEMSA übernimmt die bestehenden Verbindlichkeiten von Grupo Nós. Der Deal unterstreicht FEMSAs strategischen Fokus auf den brasilianischen Einzelhandelsmarkt, wo das Unternehmen die Präsenz von OXXO ausbauen will, indem es die fragmentierte Struktur des Marktes und die geringe Durchdringung moderner Convenience-Formate nutzt.
Der Abschluss der Transaktion steht unter dem Vorbehalt regulatorischer Genehmigungen und wird voraussichtlich in den kommenden Monaten erfolgen.
- Full control of OXXO operations in Brazil allows for streamlined decision-making and focused expansion
- Strategic acquisition in Brazil's large, fragmented retail market presents significant growth opportunity
- Includes valuable distribution center in Cajamar, São Paulo
- Cash-neutral transaction structure preserves capital for future growth
- Assumption of Grupo Nós' existing debt increases FEMSA's liability exposure
- Transaction requires regulatory approval, introducing timing uncertainty
- Loss of Raízen's local market expertise and Shell Select store synergies
Insights
FEMSA gains complete control of OXXO Brazil by ending joint venture with Raízen, strengthening its strategic position in a key growth market.
FEMSA's decision to terminate its joint venture with Raízen represents a significant strategic pivot that will give the company complete control over OXXO's expansion in Brazil. This cash-neutral transaction - where FEMSA keeps all OXXO stores and assumes Grupo Nós' existing debt - indicates the company's strong commitment to the Brazilian market despite potential short-term financial implications.
The strategic rationale is compelling. Brazil presents an attractive opportunity due to its large market size, fragmented retail landscape, and low penetration of modern convenience formats. By taking full control, FEMSA eliminates potential strategic misalignments with Raízen and gains complete decision-making authority over OXXO's Brazilian operations.
This move aligns with FEMSA's stated approach of tailoring the OXXO concept to local preferences while maintaining the core modern retail experience. Full ownership will likely accelerate FEMSA's ability to adapt to Brazilian consumer needs without compromise.
From a competitive standpoint, this restructuring gives FEMSA greater flexibility to scale rapidly in Brazil's convenience store sector. The company can now implement a unified expansion strategy without coordination challenges inherent in joint ventures. While assuming additional debt creates some financial pressure, the long-term growth potential in Brazil's underpenetrated convenience store market could justify this risk if execution is strong.
For investors, this represents FEMSA doubling down on its international expansion strategy rather than retreating, signaling confidence in OXXO's ability to succeed in markets beyond its Mexican stronghold.
MONTERREY, Mexico, Sept. 04, 2025 (GLOBE NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or the “Company”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) today announced it has entered into definitive agreements with Raízen, S.A. (“Raízen”) to amicably terminate their joint venture in Brazil known as “Grupo Nós” that includes OXXO proximity stores and Shell Select convenience stores, allowing both companies to focus on their respective business‘ strategies. Under the terms of the agreement, FEMSA will retain all the OXXO stores in Brazil, as well as the distribution center located in Cajamar, São Paulo, while Raízen will retain all the Shell Select convenience stores. All other assets and liabilities will be allocated between Raízen and FEMSA as agreed in the definitive agreements. The transaction will be cash-neutral for both parties, with FEMSA assuming the existing and outstanding debt of Grupo Nós as of closing.
OXXO Brazil is a top strategic priority within FEMSA’s retail business strategy. The country’s large market size, highly fragmented retail landscape, and strong product-market fit with the OXXO value proposition present a significant growth opportunity. FEMSA aims to build a scalable, profitable business by focusing on accelerated store expansion, adapting the OXXO format to local consumer needs, and driving long-term return on invested capital through sustained top-line growth and operational efficiency.
Since entering Brazil, FEMSA has tailored OXXO’s offering to meet local consumer preferences, introducing the concept of a stand-alone proximity store to a market still dominated by traditional trade. This approach leverages the low penetration of modern convenience formats to bring standardized, modern retail experiences to Brazilian consumers.
“We greatly appreciate our collaboration with Raízen, which has been instrumental in establishing OXXO’s presence in Brazil,” said Jose Antonio Fernandez Garza, CEO of FEMSA Retail. “As we take the next step toward operating independently, we remain fully committed to strengthening and expanding OXXO in this vibrant market. Brazil continues to be a key focus in FEMSA’s long-term growth strategy.”
Completion of the separation of the OXXO stores and the Shell Select convenience stores is subject to regulatory approvals and other customary conditions and is expected to close in the coming months.
About FEMSA
FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail industry through a Proximity Americas Division operating OXXO, a small-format store chain, and other related retail formats, and Proximity Europe which includes Valora, our European retail unit which operates convenience and foodvenience formats. In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Spin, which includes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. Across its business units, FEMSA has more than 392,000 employees in 18 countries. FEMSA is a member of the Dow Jones Bestin-Class World Index & Dow Jones Best-in-Class MILA Pacific Alliance Index, both from S&P Global; FTSE4Good Emerging Index; MSCI EM Latin America ESG Leaders Index; S&P/BMV Total México ESG, among other indexes.
Investor Contact (52) 818-328-6000 investor@femsa.com.mx femsa.gcs-web.com Media Contact (52) 555-249-6843 comunicacion@femsa.com.mx femsa.com
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