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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Supervalu Inc. (delisted) | NYSE:SVU | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 32.49 | 0.00 | 01:00:00 |
From May 2019 to May 2024
Supermarket operator Supervalu Inc. said it would sell its Save-A-Lot discount grocery chain to private-equity firm Onex Corp. for about $1.37 billion.
Supervalu has been working to sell or spin off the Save-A-Lot business, a discount grocery chain that has been a bright spot for the company, as its focuses on its grocery wholesale-distributing business.
The deal with Toronto-based private-equity firm Onex is expected to close by the end of January.
Supervalu has also signed a five-year professional services agreement to provide Save-A-Lot with certain services and support functions including cloud services, merchandising technology, payroll and finance.
In its quarter ended in June, Save-A-Lot brought in 28% of Supervalu's total revenue.
Supervalu said it would use proceeds from the sale to pay down at least $750 million in debt and use the remaining to further reduce debt, improve its capital structure and other corporate purposes.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
October 17, 2016 07:55 ET (11:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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