February 13, 2014 / 7:18 PM / 4 years ago

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

(In Feb 10 story, corrects to make clear the sale was to Circulo K, a licensee of the Circle K brand, not to Circle K. Also corrects to make clear that reference is to Circulo K Web site and not Circle K Web site. A corrected story follows:)

MEXICO CITY, Feb 10 (Reuters) - Mexican brewer Grupo Modelo has reached an agreement with Circulo 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 Circulo K, which is a licensee of the Circle K brand, awaits regulatory approval.

Prior to the announcement, Circulo K had 150 convenience stores in Mexico, according to its 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. (Reporting by David Alire Garcia and Gabriela Lopez; Editing by Lisa Von Ahn and Bernadette Baum)

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