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Jan 8, 2014
Sobeys Acquires Canada Safeway
Empire and its wholly owned subsidiary, Sobeys, entered into an agreement with Safeway on June 12, 2013, to acquire substantially all of the assets of Canada Safeway for a cash purchase price of $5.8 billion, subject to a working capital adjustment, plus the assumption of certain liabilities.
In addition, Empire and Sobeys expect to incur relevant acquisition and financing costs of approximately $200 million.
The deal closed in November 2013.
Aird & Berlis LLP acted as counsel to Sobeys on regulatory compliance issues. The team was led by Paige Backman and included Reena Kotecha and Ajeet Grover (Corporate); Peter Czegledy and Jesse Rosensweet (Gaming); and Piper Morley (Municipal). The team received great assistance from articling students Aaron Baer, Jonathan Bright, Aisha Ramakrishnan and Graham Topa.
The deal was recognized as the