Rede Polo, a supermarket chain from Rio Grande do Sul, is reportedly acquiring 57 stores from Spanish supermarket chain Dia Group.
According to sources, Dia ceased operations in the state of Rio Grande do Sul, closing its 70 stores.
The Spanish retailer has reportedly received proposals from other supermarket chains in the region, but not on such a large scale.
Operating since 1998 under the name of Roal Master, Rede Polo, is now acquiring 57 Dia stores, four of them located in the state’s capital Porto Alegre.
Rede Polo can also take over the Dia’s distribution centre, located in a logistics park in the metropolitan region of Porto Alegre.
The proposal was accepted by Dia, but it still needs to be approved by the Brazilian Administrative Council for Economic Defense (Cade).