Albertson's to acquire Shaw's, Star Markets
Mar 26, 2004 12:21 PM, from staff and wire reports
Boise ID-based grocery chain Albertson's Inc has entered into a definitive stock purchase agreement to acquire JS USA Holdings Inc, which operates under the banners of Shaw's and Star Markets. Currently the 11th-largest supermarket company in the United States, Shaw's is a wholly owned subsidiary of British supermarket chain J Sainsbury plc.
Under terms of the agreement, the total purchase price is about $2.475 billion. To finance the acquisition, Albertson's said it expects to use a combination of sources including equity, debt, and cash on hand, plus assumption of some $368 million in capital leases.
Larry Johnston, chairman, chief executive officer, and president of Albertson's, said, "This acquisition will extend our national footprint into Massachusetts, Connecticut, Rhode Island, Vermont, New Hampshire, and Maine, bringing our total national market presence to more than 2,500 stores in 37 states.”"
The closing is subject to terms and conditions including government approval. Both parties said they anticipate consummating the transaction in second-quarter 2004.
© 2013 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus