Cencosud, a Chilean retailer group has purchased 67% of The Fresh Market (TFM), a supermarket chain in America. This deal is valued at $676million and marks its first venture on the American market.

Cencosud filed a Tuesday filing with the Chilean Securities regulator claiming it reached an agreement to purchase the grocery chain. The company operates 160 stores. Apollo Global Management affiliates manage the controlling fund.

The filing stated that the agreement “also establishes the possibility of Cencosud Internacional reaching a 100% share through legal mechanisms that have been practiced in America, after a period of time.”

TFM may adjust the amount of disbursement “based on TFM’s cash, debt and working capital at the time the transaction becomes effective,” according to an additional filing.

TFM operates 22 US states and is known for its premium specialty stores, with a $1.93B in revenues in 2021. The adjusted EBITDA was $196 Million.

The transaction is subject to the fulfillment of certain conditions, including authorization by U.S. authorities.

(Report by Fabián Andrés Cambero; Editing by Paul Simao)