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Mexican Retailer Femsa Buys Another Pharmacy Chain

Mexican convenience store operator Fomento Economico Mexicano SAB (FMX, FEMSA.MX), or Femsa, said Monday it has agreed to purchase Farmacias FM Moderna, marking the company's second pharmacy chain acquisition.Farmacias FM Moderna, based in Mazatlan, in the western state of Sinaloa, operates more than 100 stores, Femsa said, without offering more details of the deal.The agreement came on the heels of Femsa's purchase of a majority stake in YZA Farmacias in southeastern Mexico. That purchase, the details of which also were private, closed earlier in May.Femsa has been looking to diversify and deploy excess cash since the company sold its beer business to Heineken NV (HEINY, HEIA.AE) in 2010 in exchange for a 20% stake in the company.In addition to revenue from its Heineken stake, Femsa receives income from its soft-drink bottling unit, Coca-Cola Femsa SAB (KOF, KOF.MX), and its Oxxo convenience store chain.Write to Amy Guthrie at amy.guthrie@dowjones.comSubscribe to WSJ: http://online.ws...

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