Costco Wholesale Corp. has said it will buy out the remaining 50 percent of its Mexican partner for about $766 million.
The Puget Sound Business Journal reports that the Issaquah,Wash.-based retailing giant will buy the half of its Mexican joint venture—Costco de México, S.A. de C.V.—which is owned by Controladora Comercial Mexicana, S.A.B. de C.V. Costco said it will raise some money for the purchase by having the Mexican joint venture declare a cash dividend of about $340.85 million.
Costco said the closing is subject to the approvals of the Mexican Federal Competition Commission. Costco operates 32 stores in Mexico.
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