Sobeys Incorporated has announced that they will be purchasing Canada Safeway for $5.8 billion. Sobeys' parent company, Empire Company Limited, announced that they will be acquiring substantially all of Canada Safeway's assets, including 213 stores.
Empire CEO Paul Sobey is quite pleased with this purchase, and believes that is is an excellent step for the company.
"This is a significant and historic event for Sobeys, which has been proudly serving Canadian food shoppers for 106 years." he said during a conference call yesterday.
Pending a decision from the federal Competition Bureau, the purchase is expected to be complete this fall.
It is unknown how the Kenora and Dryden stores will be impacted by the deal.
For more information:
Empire Press Release