Under the terms of the agreement, SUPERVALU will provide Save-A-Lot with certain services and support functions for its day-to-day operations.
SUPERVALU INC., Minneapolis, entered into a definitive agreement whereby an affiliate of Onex Corp., Canada, will acquire SUPERVALU’s Save-A-Lot business for $1.365 billion in cash. The sale is expected to be completed by Jan. 31, 2017.
“Today’s announcement is the result of a thorough process to maximize the value of the Save-A-Lot business and best position SUPERVALU for future success,” says Jerry Storch, non-executive chairman of the board for SUPERVALU. “SUPERVALU is successfully executing on its long-term strategic vision and positioning the company for continued growth and value creation. We are confident that this transaction will create exciting opportunities for both SUPERVALU and Save-A-Lot.”