08:11 AM EDT, 09/04/2025 (MT Newswires) -- Fomento Economico Mexicano (FMX), or FEMSA, said Thursday it has entered into definitive agreements with Raizen to terminate their Grupo Nos joint venture in Brazil, which was running OXXO proximity stores and Shell Select convenience stores.

FEMSA said it will take full control of all the OXXO stores in Brazil, as well as the distribution center in Cajamar, Sao Paulo, while Raizen will retain all the Shell Select convenience stores. All other assets and liabilities will be allocated between FEMSA and Raizen.

The transaction will be cash-neutral for the companies, FEMSA said, adding that it will assume the existing and outstanding debt of Grupo Nos as of closing.