Zaandam, the Netherlands - Ahold today announced its Stop & Shop division has entered into an agreement with The Great Atlantic & Pacific Tea Company to acquire 25 A&P stores in Greater New York for $146 million.
Upon completion, Stop & Shop plans to convert the Waldbaums, Pathmark and A&P stores that are part of the agreement into Stop & Shop stores. The transaction is currently expected to close in the second half of 2015.
The agreement is subject to further terms and conditions set forth therein and relating to A&P's (chapter 11) bankruptcy proceedings filed on July 19, 2015, which include the potential of a subsequent auction under which other higher bid or bids could be received and accepted by A&P for these stores. The agreement is also conditioned on regulatory requirements including anti-trust approval, and the fulfillment thereof.
Stop & Shop, established in 1914, currently employs over 59,000 associates and operates 395 stores throughout Massachusetts, Connecticut, Rhode Island, New York and New Jersey.
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Source: Ahold via Globenewswire
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