SACI Falabella, a Chilean department store chain, has agreed to buy a rival retailer for $3.7bn (€2.7bn) in the country's largest mergers and acquisitions deal.

SACI Falabella has agreed to buy Distribucion Y Servicio D&S, which owns Chile's biggest supermarket chain, to form Latin America's second-biggest retailer and expand internationally, according to Bloomberg. JP Morgan advised on the transaction according to the report.

Shanny Basar in New York

JP Morgan

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Chilean store makes record M&A deal

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