Femsa Sells $1.7 Billion Stake in Envoy in Divestment (Correct)

Mexico’s Fomento Economico Mexicano SAB sold a $1.7 billion stake in Envoy Solutions to BradyIFS as part of its plan to divest from non-core units.

Femsa, as the company is known, will retain a 37% stake in Envoy, the company said in a statement. The two companies will “create a new platform within the facility care, food-service disposables and packaging distribution industries in the United States,” the statement said.

Monterrey, Mexico-based Femsa announced a strategic review in February of some of its non-core assets, including its stake in Dutch brewer Heineken NV as well as Envoy Solutions. The move is ...