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Safeway Inc Completes Sale of Canadian Operations to Empire Company Limited's Sobeys Inc

Monday, 4 Nov 2013 11:24am EST 

Safeway Inc announced that it has completed the sale of the net assets of Canada Safeway ULC (formerly Canada Safeway Limited) to Sobeys Inc., a wholly-owned subsidiary of Empire Company Limited, in accordance with the asset purchase agreement announced on June 12, 2013 and the consent agreement with the Competition Bureau announced on October 22, 2013. Proceeds from the transaction of CAD5.8 billion in cash (approximately CAD4.0 billion after taxes and expenses) and $400-$450 million in U.S. tax benefits related to the exit of the Chicago market will be used to pay down $2.0 billion of debt, with the majority of the remainder to be used to buy back stock. In addition, some of the proceeds may be used to invest in growth opportunities. 

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22 May 2015