A unit of Mexican mining company Grupo Mexico has agreed to buy Planigrupo Latam for 14.20 pesos per share, the companies said on Friday.
The offer by Mexico Proyectos y Desarrollos values the Mexican shopping mall company at around 4.7 billion Mexican pesos ($235.7 million USD), Grupo Mexico said in a statement.
Planigrupo said an agreement had been reached with affiliates of majority owner Southern Cross Group, a private investment firm that represents shareholders such as Atevco, Builtex, and Pylon Holding.
Planigrupo had initially set its IPO price at 19.75 pesos per share when it launched on Mexico’s stock exchange in 2016.
The shares have since fallen to around 17 pesos, according to Refinitiv data, which puts the company’s market value at 5.4 billion pesos as of Friday’s close.
Planigrupo had said earlier this year it had received buyout offers from Grupo Acosta Verde but that it was considering other options.
Grupo Mexico said the purchase “represents a strategic investment for the company’s infrastructure division” and would diversify its revenue streams.
The companies said the deal remains subject to approval from regulators and shareholders.