February 10, 2014 / 7:18 PM / 4 years ago

UPDATE 1-Brewer Grupo Modelo to sell Extra retail business to Circle K

MEXICO CITY, Feb 10 (Reuters) - Mexican brewer Grupo Modelo has reached an agreement with Circle K to sell its Extra convenience stores in Mexico, the company said in a statement on Monday.

The sale includes 878 Extra stores but the cost of the transaction was not disclosed, a Modelo spokeswoman told Reuters.

The sale to Circle K, a unit of Canada’s Alimentation Couche-Tard Inc, awaits regulatory approval.

Prior to the announcement, Circle K had 150 convenience stores in Mexico, a tiny fraction of the 12,000 outlets the company runs worldwide, according to Circle K’s website.

Grupo Modelo, which makes Corona beer among others brands, is owned by Anheuser-Busch InBev SA, the world’s biggest brewer.

Mexico’s convenience store market is currently dominated by the Oxxo chain, owned by Mexican bottler and retailer FEMSA , which operates more than 11,0000 stores in the country.

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