Dollarama Inc. has signed a deal to buy a majority stake in the retailer Dollarcity. (Photo by THE CANADIAN PRESS)

Dollarama signs deal for stake in Latin American retailer Dollarcity

MONTREAL — Dollarama Inc. has signed a deal to buy a 50.1 per cent stake in Latin American retailer Dollarcity.

Under the deal, Montreal-based retailer said the estimated purchase price was in a range from US$85 million to US$95 million based on financial projections provided by Dollarcity management.

Dollarama will make a US$40-million payment upon closing the deal and settle the balance in the third quarter of its 2021 financial year.

The Dollarcity board will include five directors including three Dollarama representatives and two representatives of the Dollarcity founding group.

The transaction, which is subject to customary closing conditions, is expected to close in August.

Dollarcity operated a total of 180 stores at March 31 including 44 in El Salvador, 54 in Guatemala and 82 in Colombia. It plans to have 600 stores by 2029.

Just Posted

Red Deer wants no repeat of Calgary Stampede deaths

North American Pony Chuckwagon Championship

Central Alberta firefighters’ wildfire expertise recognized

Clearwater County Regional Fire Services chosen to create crack firefighting unit

Amazon Prime Day kind of ho hum for local retailers

E-commerce giant Prime Day sale runs Monday and Tuesday

Innisfail woman facing fraud charges

RCMP allege woman stole more than $54,000

Visitors flock to Bluebird Festival

Annual festival takes place east of Blackfalds

Chavis’ grand slam helps Red Sox beat Blue Jays 10-8

BOSTON — Rookie Michael Chavis hit a grand slam, Xander Bogaerts had… Continue reading

Group wants charges in horse deaths during Calgary Stampede chuckwagon races

CALGARY — An animal welfare group is renewing its call for cruelty… Continue reading

Cannabis producer Organigram Holdings Inc. reports $10.2M third-quarter loss

Organigram Holdings Inc. reported a third-quarter loss as revenue slipped amid lower… Continue reading

Churches jump into action with threat of immigration sweeps

CHICAGO — As a nationwide immigration crackdown loomed, religious leaders across the… Continue reading

Some in GOP rebuke Trump, but party leaders still silent

WASHINGTON — Top Republicans remained largely silent after President Donald Trump said… Continue reading

You don’t feel alientated, Trudeau tells western Canadians

National unity is not being threatened by the federal government’s attack on… Continue reading

Final blast of torrential rains unleashed by weakened Barry

NEW ORLEANS — Tropical Depression Barry spared New Orleans from catastrophic flooding,… Continue reading

Evidence erased by police would have freed wrongfully convicted man: defence lawyer

HALIFAX — A defence lawyer who fought to free Glen Assoun from… Continue reading

Most Read