CHILE – On November 9, SMU entered into a binding agreement with Larraín Vial Servicios Profesionales Ltda. for the sale of 100% of its subsidiary Construmart S.A.

The shares of Construmart would be acquired with the signing of a purchase agreement through an investment fund that may include one or more investors other than Larraín Vial. If the transaction is completed, the agreed price of the assets amounts to the total of CLP 54 billion, an amount that could increase by up to CLP 9 billion approximately once the subsidiary receives the payment of an account receivable.

Construmart operates in the construction materials retail sector with a network of 35 stores in Chile. The transaction is subject to a series of conditions for its materialization, such as the negotiation of the terms and conditions of the respective contracts, the performance of a due diligence of Construmart and its subsidiaries and the applicable regulatory approvals.