Control of El Rey, one of Panama’s leading supermarket chains has passed into the hands of  Peru’s top retail giant.

The surprise announcement came on Wednesday, November 7  when  Rey Holdings Corp. the major shareholder revealed majority shareholder revealed that it has reached an agreement with " orporación Favorita " for the sale of a controlling interest in Grupo Rey.

The price per share is $8.58  and the acquisition will be executed through a Public Offer of Purchase of Shares in the Panama Stock Exchange, where Corporación Favorita will commit to acquiring at least 60% of the common shares of Grupo Rey.

The transaction is estimated to close in January 2019.

" Grupo Rey is very excited to embark on this new stage with a company like Corporación Favorita, which has more than 65 years of experience in the industry and has proven to be a benchmark in the region for its high levels of profitability, sound business principles, integrity, high focus on the welfare of its employees and customers, and the constant search for excellence and efficiency in all its operations, "a company  statement.

Hernán Muntaner, General Manager of Grupo Rey, said that " the transaction  marks a new milestone in the history of Grupo Rey, and will help us offer  customers more and better products, and at competitive prices in Panama ."