SANTIAGO. (Reuters) – Chilean retailer Cencosud claimed on Friday that it had reached a deal for $100 million with Brazilian supermarket chain GIGA.

GIGA was founded in 2009 and has 10 stores in Sao Paulo, as well as a distribution centre.

According to a statement from Chile, the acquisition price was 500 million reais (approximately 100 million). It could be adjusted based upon GIGA’s working capital at that time.

He said, “With this transaction Cencosud is entering the largest market of Brazil and South America directly with the fastest-growing format in Brazil” and that it was the most resilient to economic recessions.

Completion of the acquisition is contingent upon certain conditions including approval by Brazil’s antitrust regulator CADE.