FEMSA, Raizen end joint venture in Brazil, OXXO to retain Brazilian operations.

FEMSA and Raízen have reached a definitive agreement to terminate their joint venture, Grupo Nós, in Brazil. FEMSA will retain all OXXO stores in Brazil, along with the Cajamar distribution center, while Raízen will retain all Shell Select convenience stores. The transaction will be neutral in terms of cash for both parties, and FEMSA will assume the existing and pending debt of Grupo Nós. OXXO Brasil is a priority for FEMSA.

MEXICO CITY, Sept. 2, 2025 — Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA), through its Proximity Americas Division, has announced the termination of its joint venture with Raízen in Brazil, known as "Grupo Nós." Under the terms of the agreement, FEMSA will gain full control of all OXXO stores in Brazil and the distribution center in Cajamar, São Paulo, while Raízen will retain the Shell Select convenience stores. The transaction is cash-neutral for both parties, with FEMSA assuming Grupo Nós' existing debt [1].

The strategic move reflects FEMSA's commitment to expanding its presence in Brazil's retail market. Brazil presents an attractive opportunity due to its large market size, fragmented retail landscape, and low penetration of modern convenience formats. By taking full control, FEMSA aims to accelerate OXXO's expansion and adapt the store format to local consumer needs without strategic misalignments with Raízen [2].

The completion of the separation is subject to regulatory approvals and is expected to close in the coming months. FEMSA has tailored OXXO's offering to meet local consumer preferences since entering the Brazilian market, introducing the concept of a stand-alone proximity store to a market dominated by traditional trade [1].

For investors, this transaction signals FEMSA's confidence in OXXO's ability to succeed in markets beyond its Mexican stronghold. The company is doubling down on its international expansion strategy, indicating a long-term growth focus on Brazil [2].

References:
[1] https://www.stocktitan.net/news/FMX/femsa-to-control-100-of-oxxo-s8j89b41grpx.html
[2] https://www.nasdaq.com/press-release/femsa-control-100-oxxo-brazil-2025-09-04