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Canada: Loblaw to acquire Shoppers Drug Mart in $12 billion deal
RETAILER NEWS
ChainStoreAge.com - Jul 16th, 07:27
Brampton, Ontario – Loblaw Companies Limited announced it will acquire Shoppers Drug Mart in a deal worth about $11.9 billion, merging the Canadian grocery and drug retailers.
Shoppers Drug Mart will retain its name and brand and operate as a separate division of Loblaw while expanding its product offerings to include Loblaw's private label and convenience food products. Shoppers Drug Mart gives Loblaw entry into the small urban store sector.
"Our customer proposition is at the heart of this combination," said Vicente Trius, president of Loblaw. "Together, we will be able to significantly enhance the customer experience by offering even greater assortments, service, value and convenience while preserving the unique shopping experiences that make both companies leaders in their respective segments.”
Trius said that Shoppers Drug Mart, which will be maintained as a separate division from Loblaw, will be led by Domenic Pilla, president and CEO.
The transaction is slated to be completed within about six months.
“For our shareholders, this transaction provides significant and immediate value,” said Pilla. For “our customers, it provides more locations with an enhanced mix of products and offerings that contribute to the good health of Canadians."From ChainStoreAge.com
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