Almacenes Exito has started a $1.4 billion share sale for local and foreign investors, The Wall Street Journal reports. Colombia’s biggest retailer intends to use the proceeds to finance expansion in the Uruguay market.

Exito will sell 114.27 million shares at a price of $12.29 each, adds Colombia Reports. Exito, which commands 42 percent of Colombia’s formal retail market, planned in June to acquire two retail chains in Uruguay for $746 million.

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