Costco is to take full ownership of its Mexican subsidiary after reaching an agreement to purchase Comercial Mexicana’s 50% share for pesos10.65bn (£529m).

In addition, Costco Mexico has declared a cash dividend of approximately pesos4.8bn (£238.4m), 50% payable to a subsidiary of Costco and the remaining 50% to Comercial Mexicana. The closure of the deal is subject to the approval of competition authorities.

Guillermo González and Carlos González, chairman and chief executive of Comercial Mexicana respectively, will continue as members of the board of directors of Costco Mexico.