SANTIAGO (Dow Jones)--Chilean retailer Cencosud SA (CENCOSUD.SN) has reached an agreement to acquire the operations of Brazilian companies FAG Participacoes Ltda and Irmos Bretas, Filhos e Cia. Ltda, which operate the supermarket and gas station chain Bretas, according to a statement sent Friday to Chile's securities regulator.
Cencosud plans to pay roughly $810 million with an initial payment of $600 million once the acquisition is closed, which is expected by the end of this month.
The Brazilian chain operates 62 supermarkets, 10 gas stations and three distribution centers in the states of Minas Gerais, Goi's and Bahia.
Under the terms of the agreement, Cencosud and Bretas agreed to open eight new supermarkets this year, five gas stations by 2013 and 30 new supermarkets in the next three years.