PLEASANTON, Calif. — Safeway Inc. announced that Canada's Competition Bureau has entered into a consent agreement with Sobeys Inc. allowing the parties to proceed with their transaction whereby Sobeys will acquire the net assets of Canada Safeway. The parties now expect to close the transaction in early November 2013.
As part of the consent agreement, Sobeys has agreed to divest 23 stores – 13 Canada Safeway stores and 10 Sobeys stores.
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Safeway Inc. is a Fortune 100 company and one of the largest food and drug retailers in North America based on sales. The company operates 1,406 stores in the United States which had annual sales of $37.5 billion in 2012.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements relate to, among other things, the estimated proceeds from the transaction after taxes and expenses, the intended use of such proceeds, the anticipated timing of closing of the transaction and expectations as to the operational effects of the transaction. Forward-looking statements are indicated by words or phrases such as "believes," "expects," "anticipates," "estimates," "plans," "continuing," "ongoing," and similar words or phrases and the negative of such words and phrases. Forward-looking statements are based on our current plans and expectations and involve risks and uncertainties which are, in many instances, beyond our control, and which could cause actual results to differ materially from those included in or contemplated or implied by the forward-looking statements. Such risks and uncertainties include the following: the possibility that the transaction may not close; and that events may transpire that will require the transaction to be modified at closing. We undertake no obligation to update forward-looking statements to reflect developments or information obtained after the date hereof and disclaim any obligation to do so. Please refer to our reports and filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent Current Reports on Form 8-K, for a further discussion of these risks and uncertainties.
Source: Safeway Inc.