MEXICO CITY – Mexican financial and specialty retail corporation Grupo Elektra announced that it acquired a 100 percent stake in video rental chain Blockbuster de Mexico as part of a plan to expand its entertainment services.A company spokesman told Efe that Elektra acquired Blockbuster Mexico from its parent, Colorado-based satellite service provider Dish Network Corp., for 408 million pesos ($31.1 million).
Elektra, controlled by magnate Ricardo Salinas, ranked last year by Forbes magazine as Mexico’s fourth-wealthiest individual, said in a statement Tuesday that the acquisition would add 320 points of sale to its distribution network, which currently includes 6,460 outlets, and expand its exhibition area by 7 percent.
The company said it planned to “offer a variety of products, in addition to strengthening its current financial services platform,” at the Blockbuster stores, which remain profitable in the Latin American country.
It also said the deal was aimed at promoting “the transformation of the digital entertainment distribution network.”
Blockbuster’s stores in Mexico cover 108 cities and are mainly located in middle- and lower-income areas, which will expand Elektra’s customer base, the statement said.
Latin America’s leading financial services company and specialty retailer, Elektra sells products at more than 6,000 points of sale in Mexico, the United States, Guatemala, Honduras, Peru, Panama, El Salvador and Brazil.
Elektra is a unit of Grupo Salinas, which also controls TV Azteca, mobile phone company Iusacell, life insurance company Seguros Azteca and pension fund administration service Afore Azteca.
