FEMSA (NYSE:FMX) finalized the separation of its Grupo Nós joint venture with Raízen on Monday, resulting in FEMSA assuming 100% ownership of OXXO Brazil.
The deal allows the Mexican retail giant to operate independently in one of its most critical growth markets, directly aligning the Brazilian operations with its Proximity Americas division.
Under the terms of the transaction, FEMSA retained all OXXO-branded stores in Brazil and the strategic distribution center located in Cajamar, São Paulo.
The remaining assets and liabilities of Grupo Nós, including the Shell Select convenience store brand, were allocated to Raízen.
While specific financial figures for the transaction were not disclosed, the separation was structured to be cash-neutral, with FEMSA assuming the existing and outstanding debt associated with the OXXO operations.
The move marks a pivot in FEMSA’s "FEMSA Forward" strategy, which prioritizes core proximity retail over minority joint ventures.
Since entering Brazil in 2020, OXXO has grown to approximately 550 locations, primarily concentrated in the state of São Paulo.
By taking full control, FEMSA plans to accelerate store openings and tailor its product mix to local consumer habits, aiming to replicate the high-frequency retail dominance it currently holds in Mexico.