Loblaw Acquiring Canada’s largest Asian Food Retailer
Loblaw Cos., Ltd. said Friday that the shareholders of T&T Supermarket, Inc., Canada’s largest Asian food retailer, have entered into an agreement with Loblaws, Inc., a Loblaw subsidiary of Loblaw, for the purchase of all the common shares of T&T. The purchase price is set at $225 million, with certain adjustments to be made at closing, according to Brampton, Ontario-based Loblaw, adding that $191 million of the purchase price will be funded by cash and the rest through preferred shares issued by T&T, the value of which will be tied to the future performance of the business.