Dia in talks to sell Argentine business, with franchise network in focus

Dia is in talks to sell its Argentine business, a potential transaction that puts its franchise network in the spotlight. According to an article published by L’Express Franchise on 3 November 2026, drawing on reporting by Food Retail and other media outlets, there are three interested parties and an indicative figure of around US$100 million under discussion. None of the parties has publicly confirmed a deal.

Three interested parties and a price still to be settled

The reports identify the potential buyers as Grupo de Narváez, owner of Changomás; the Peruvian conglomerate Intercorp, which owns Plaza Vea and Makro; and the delivery platform PedidosYa. The figure of approximately US$100 million relates to discussions with Grupo de Narváez, according to La Voz, as cited by Food Retail.

That figure is not an agreed price. Indeed, sources consulted by Food Retail believe the final value could be considerably lower. So far, there has been no announcement that a buyer has been selected or a definitive agreement signed.

According to the same article, Dia appointed Santander to find a buyer for its Argentine business. In July, the company declined to comment on rumours and said its priority remained maintaining operations in the country. That statement does not amount to confirmation of the negotiations subsequently reported in the media.

A largely franchised network

The Argentine business has 991 stores, most of them franchised, according to the information published by L’Express Franchise. This makes any potential change of ownership particularly relevant to franchisees: this is not simply a portfolio of company-operated stores, but a network of numerous operators trading under the brand.

El Español, cited in the article, reports that the network peaked in 2024 at 1,050 stores, more than 75% of which were franchises. That percentage relates to that point in time and should not automatically be applied to the current store count.

The number of stores has fallen since that peak. Dia maintains that the closures affect unprofitable stores and are not part of a structural restructuring programme. The available information does not specify how many of the closed stores were company-owned and how many operated under franchise agreements.

Nor have any changes to franchisees’ commercial terms been announced as a result of the potential sale. Negotiations over ownership of the subsidiary should therefore not be confused with a decision already taken to amend the network’s franchise agreements.

Financial results and potential liabilities in the negotiations

The financial context helps explain the attention surrounding the potential sale. The Argentine subsidiary ended 2025 with losses of €51.3 million, while its sales fell by 15.1% during the year, according to the figures cited in the article.

For the first half of 2026, El Español reported losses of €24.4 million, 5% higher than in the same period a year earlier. In the third quarter, sales rose by 12.2%, a rebound that Food Retail attributes to the stabilisation of the Argentine peso. These figures cover different periods: the quarterly improvement alone does not demonstrate a recovery in profitability.

Food Retail also identifies the extent of the franchised network and potential employment-related liabilities as obstacles to the sale. According to the outlet, an Argentine court is investigating whether the chain used franchise agreements to reduce its social security contributions. This is an investigation reported by the press, not a judicial finding establishing that such conduct occurred.

What franchisees should monitor

The main outstanding questions are the identity of any eventual buyer, the final price and how the franchise network would be treated under a potential agreement. Until there is a formal announcement, there is no basis for assuming rebranding, further closures or new obligations for operators.

For franchisees, the practical advice is to distinguish media reports from contractual notices, retain communications from the company and seek professional advice on any changes actually proposed to them.