Costco Wholesale Corp. (COST) and Controladora Comercial Mexicana S.A.B. de C.V. or "CCM" executed a definitive agreement, pursuant to which wholly-owned units of Costco Wholesale would buy from CCM its 50% share interest in Costco de México, S.A. de C.V., a joint venture, for $760.4 million. Further, Costco Mexico has declared a cash dividend of around $340.85 million, 50% payable to an unit of Costco Wholesale and 50% to CCM.
The Costco México joint venture has been 50% owned by each of Costco Wholesale and CCM and operated by Costco Wholesale. Guillermo González Nova, and Carlos González Zabalegui, respectively Chairman and CEO of CCM, would continue as board members of Costco México. Jaime Gonzalez Solana would continue as Chief Executive of Costco México.
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