Sobey's parent Empire Co to buy Safeway Canada for C$5.8 bln

Wed Jun 12, 2013 4:32pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

TORONTO, June 12 (Reuters) - Empire Company Ltd, parent of Canada's No. 2 grocer Sobey's, said on Wednesday it is acquiring the Canadian arm of Safeway Inc. for C$5.8 billion ($5.70 billion) in cash.

Empire said the deal, one of the biggest in the Canadian retail sector this year, includes 213 full service grocery stores under the Safeway banner in Western Canada. It said the acquisition will add to adjusted net earnings per share once the cost savings are fully realized.