US supermarket company The Great Atlantic & Pacific Tea Company has announced that it has completed the previously announced sale of A&P Canada to Canadian supermarket company Metro.
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A&P said it has received proceeds of approximately US$1.55bn in cash, stock and certain debt that was assumed by the buyer, after giving effect to foreign currency contracts.
A&P operates 442 stores under the A&P, Waldbaum’s, The Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Sav-A-Center and Food Basics banners.
Following completion of its acquisition of A&P Canada, Metro now has a network in Quebec and Ontario of 579 food stores operating in the conventional and discount food retailing sectors and of 182 pharmacies.
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