(Bloomberg) -- Fomento Economico Mexicano made an all-cash offer to buy Switzerland-based convenience store operator Valora for up to $1.2 billion. 

Femsa, as the company is known, made an offer of 260 francs per share, equivalent to a premium of 52% to yesterday’s closing price, the companies said in a statement. 

The acquisition will create a player in the European convenience store and food service market catering to an increasingly mobile and digital clientele, they said. 

Valora will keep its own name, brands and remain headquartered in Muttenz, Switzerland, becoming the retail arm of Femsa’s “proximity division” in Europe. Valora will take on responsibility for further developing the European convenience markets. 

Femsa is a retail and drinks company which reported $27 billion of sales in 2021.

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