Colombia continues to be a magnet for acquisitions this year
– a trend that looks set to continue. Although a range
of international buyers are looking, it is the Chileans that
have made a particular mark. The most recent example comes from
Cencosud which is paying €2 billion ($2.6 billion) for
Carrefour’s supermarket assets in the country. The
Chilean regional supermarket power was able to fend off other
foreigners looking at Colombia’s GDP growth
potential and opportunity to better penetrate medium-sized
cities. Walmart was its most sizeable competitor. Analysts see
the 17 times Ebitda multiple that Cencosud paid as being on the
high side but point to ample opportunities for growth. Others
in the sector – such as Almacenes Olimpica, La 14 and
Alkosto – are potential targets for others looking
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