Mexican diversified retailer Grupo Gigante said Tuesday it was acquiring the 50 percent of Office Depot de Mexico it did not already own for 8.77 billion pesos ($689 million).

The agreement wrapped up negotiations with U.S. partner Office Depot for the unit, Grupo Gigante said in a filing with securities regulators.

The deal requires shareholder and regulatory approval, the retailer said.

BBVA Bancomer and Credit Suisse are providing up to 8.85 billion pesos (about $695 million) in financing for the deal, Grupo Gigante said.

Grupo Gigante will now have the rights to develop and own Office Depot stores in Mexico and across Latin America, with the exception of the Caribbean, under a 15-year contract that is renewable for the same term at no additional cost.

Grupo Gigante formed a strategic alliance with Office Depot Inc. in 1994 to launch office-supply chain Office Depot de Mexico.

The Mexican retailer also owns real estate unit Gigante Grupo Inmobiliario, or GGI, as well as Restaurantes Toks and Panda Express, Cup Stop and The Home Store franchises.

Office Depot de Mexico has 254 stores in Mexico, Guatemala, El Salvador, Honduras, Costa Rica, Panama and Colombia. EFE