Grupo Axo scraps Nike acquisition in South America

Grupo Axo scraps Nike acquisition in South America

Corporate & Sovereign Strategy M&A Argentina Chile Mexico Uruguay United States Latin America Coronavirus

Mexican retailer Grupo Axo said it has called off plans to acquire the operations of US athletic shoe and apparel company Nike in Argentina, Chile and Uruguay, citing the COVID-19 pandemic. Mexico City-based Grupo Axo, which markets brands like Brooks Brothers, Hollister and Izod, had reached an agreement with Nike in February, aiming to close the acquisition the middle of the year. But the impact of the COVID-19 pandemic and economic lockdowns in the region prompted both companies to call off t

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