US retailer A&P has finally secured the takeover of regional chain Pathmark Stores.
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The US$1.4bn deal was first agreed in March but had been held up while the Federal Trade Commission analysed the potential impact on local competition.
Last week, as a condition for its approval, the FTC ordered A&P to sell six outlets once the acquisition was sealed.
The deal will form a chain of 450 outlets generating some US$9.4bn in annual sales. The company will become the leader in New York’s metropolitan area.
A&P executive chairman Christian Haub said: “The merger of these iconic brands will transform A&P’s financial performance, efficiency and competitiveness, create substantial value for shareholders, and offer enhanced security and opportunity for associates.”
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By GlobalData
