US wholesaler Costco is to buy the remaining 50% stake in its Mexican unit from joint venture partner Controladora Comercial Mexicana (CMM).

The deal, for MXN10.65bn (US$766.8m), will also see the joint venture Costco Mexico pay a cash dividend of around MXN4.77bn, to be split equally between Costco and CMM.

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Costco Wholesale said it will use the dividend proceeds and existing cash and investment balances to fund the purchase, while CCM will use the dividend and sale proceeds to pay down debt.

The closing is subject to approvals from the Mexican Federal Competition Commission and the shareholders of CCM.

Guillermo Gonzalez Nova, and Carlos Gonzalez Zabalegui, chairman and CEO of CCM respectively, will continue as members of the board of directors of Costco Mexico. Jaime Gonzalez Solana will continue as CEO of Costco Mexico.

Costco operates 602 warehouses, including 435 in the US and Puerto Rico, 82 in Canada, 32 in Mexico, and 22 in the UK.

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