Metro To Sell Assets To Fund $3.6 Billion Coutu Purchase
by Tom Lavell and Sandrine Rastello, Bloomberg
Posted: 2017-10-02 15:33:45 EST

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Canadian grocer Metro Inc. pledged to sell assets to reduce its financing needs and retain its credit rating as part of a C$4.5 billion ($3.6 billion) purchase of pharmacy chain Jean Coutu Group Inc.

Metro will pay C$24.50 a share in cash and stock for Jean Coutu, about a 6.1 percent premium to Jean Coutu’s price before the two companies announced advanced talks last week. The grocer said Monday it has access to C$3.4 billion in bank credit lines to finance the deal.

“Bringing together our two highly respected and long-standing Quebec brands represents an exciting milestone,” Chairman Jean Coutu said in the statement Monday. 

To read the rest of the story, please go to: Bloomberg

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