<p>Nestle is buying a majority stake in Brazilian premium chocolate maker Grupo CRM, the Swiss food group said on Thursday.</p>.<p>Grupo CRM operates a direct-to-consumer model, with more than 1,000 chocolate boutiques under the Kopenhagen and Brasil Cacau brands and a strong, growing online presence, Nestle said.</p>.<p>Nestle, which is buying the stake from private equity company Advent International, declined to give financial details for the deal, which is expected to close in 2024.</p>.Walmart increases stake in Flipkart, pays Rs 28,953 crore to acquire further shares.<p>Website Brazil Journal on Wednesday reported that Nestle would pay about 3 billion reais ($602.78 million) for the company, while local newspaper Valor Economico reported the figure at 4.5 billion reais ($904.18 million).</p>.<p>Nestle said Renata Moraes Vichi would continue to lead Grupo CRM's operations as CEO and remain a minority shareholder.</p>.<p>The executive has been with the company for 25 years and has built up and significantly expanded Grupo CRM, which currently only operates in Brazil.</p>.<p>The acquisition is part of Nestle's strategy to expand its presence in the super-premium chocolate segment.</p>.<p>Chocolate bars under the company's Kopenhagen brand sell for 29.90 Rials (US$6), while a box of chocolates retails for around 130 rials.</p>.<p>"This acquisition further broadens and strengthens our confectionery presence in Brazil, enabling us to enter the high-end segment," said Laurent Freixe, Nestle's CEO for Latin America.</p>.<p>"Kopenhagen and Brasil Cacau offer premium chocolates that are highly appreciated by Brazilian consumers."</p>.<p>In June, Brazilian competition regulator Cade approved Nestle's acquisition of Chocolates Garoto more than 20 years after it was first announced.</p>.<p>Among the conditions for the approval, the company agreed not to make any acquisitions that account for at least 5 per cent of the Brazilian chocolate market for five years.</p>
<p>Nestle is buying a majority stake in Brazilian premium chocolate maker Grupo CRM, the Swiss food group said on Thursday.</p>.<p>Grupo CRM operates a direct-to-consumer model, with more than 1,000 chocolate boutiques under the Kopenhagen and Brasil Cacau brands and a strong, growing online presence, Nestle said.</p>.<p>Nestle, which is buying the stake from private equity company Advent International, declined to give financial details for the deal, which is expected to close in 2024.</p>.Walmart increases stake in Flipkart, pays Rs 28,953 crore to acquire further shares.<p>Website Brazil Journal on Wednesday reported that Nestle would pay about 3 billion reais ($602.78 million) for the company, while local newspaper Valor Economico reported the figure at 4.5 billion reais ($904.18 million).</p>.<p>Nestle said Renata Moraes Vichi would continue to lead Grupo CRM's operations as CEO and remain a minority shareholder.</p>.<p>The executive has been with the company for 25 years and has built up and significantly expanded Grupo CRM, which currently only operates in Brazil.</p>.<p>The acquisition is part of Nestle's strategy to expand its presence in the super-premium chocolate segment.</p>.<p>Chocolate bars under the company's Kopenhagen brand sell for 29.90 Rials (US$6), while a box of chocolates retails for around 130 rials.</p>.<p>"This acquisition further broadens and strengthens our confectionery presence in Brazil, enabling us to enter the high-end segment," said Laurent Freixe, Nestle's CEO for Latin America.</p>.<p>"Kopenhagen and Brasil Cacau offer premium chocolates that are highly appreciated by Brazilian consumers."</p>.<p>In June, Brazilian competition regulator Cade approved Nestle's acquisition of Chocolates Garoto more than 20 years after it was first announced.</p>.<p>Among the conditions for the approval, the company agreed not to make any acquisitions that account for at least 5 per cent of the Brazilian chocolate market for five years.</p>