Montvale, N.J., The Great Atlantic & Pacific Tea Co. agreed to sell its Canadian business to Canadian super market chain Metro. The $1.48 billion deal will almost double the size of Metro Inc., which will become a 579-store chain. As part of the deal, A&P will take a 15.8% ownership stake in Metro.
“This is a unique opportunity to transform Metro's strong regional base into a significantly larger platform with increased scale and geographic diversification. The strategic and geographic fit between our two companies is compelling and I am confident that together, we will continue to innovate, grow and deliver value to our customers and shareholders," said Pierre H. Lessard, Metro’s president and CEO, in a prepared statement.