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Slide #38. Sobeys Inc. — Canada Safeway
Sobeys Inc. (TSE:EMP.A.CA)
Empire Company Limited ("Empire" or the "Company") (TSX: EMP.A) and its wholly-owned subsidiary, Sobeys Inc. ("Sobeys"), have announced that Sobeys has reached a definitive agreement with Safeway Inc. to acquire substantially all of the assets of Canada Safeway Limited ("Canada Safeway") for a cash purchase price of Cdn. $5.8 billion, subject to a working capital adjustment, plus the assumption of certain liabilities.
Empire is a Canadian company whose key businesses are food retailing and related real estate. Co. has two operating segments: food retailing, in which its subsidiary, Sobeys Inc. owns, affiliates or franchises stores under retail banners that include Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, Farm Boy and Lawtons Drugs; and investments and other operations, in which Co. holds a 41.5% equity accounted interest in Crombie Real Estate Investment Trust, a national retail property landlord that owns, operates and develops a portfolio of grocery and pharmacy-anchored shopping centers, freestanding stores and mixed-use developments primarily in Canada's urban and suburban market.
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