Wal-Mart to buy some former Target stores in Canada

Fri May 8, 2015 6:19am EDT
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May 8 (Reuters) - Wal-Mart Stores Inc's Canadian unit said it would buy some store leases and other assets formerly held by the Canadian arm of Target Corp and renovate them for about C$350 million ($289.4 million).

Wal-Mart will acquire one distribution center, 12 store leases and an owned property for C$165 million.

The company said it expects to invest about C$185 million on renovation. ($1 = C$1.2095) (Reporting By Manya Venkatesh in Bengaluru; Editing by Joyjeet Das)