MONTVALE, N.J. Grocer A&P announced on Monday that it had completed the sale of its 11.7 million shares of Metro Inc. as part of its financing plan for buying Pathmark.
A&P expects to use the $347 million from the sale, together with borrowings under a reduced Bridge Facility and a portion of its increased $675 million ABL Facility to finance the deal.
A&P announced on Nov. 19 that it had filed the 14-day notice period with the Federal Trade Commission, stating that it may consummate its acquisition of Pathmark any time after Nov. 27. It expects the deal to close in early December.
A&P had revealed in March plans to acquire Pathmark for $1.3 billion in cash, stock and debt. The move—which hardly took the industry by surprise—will create a 550-store, $11 billion supermarket chain that will likely have a greater presence in pharmacy going forward.