MONTVALE, N.J. A&P has completed its acquisition of Pathmark Stores, forming a 450-store chain—including 260 pharmacies—with $9.4 billion in annual sales volume.
The deal, valued at $1.4 billion in cash, stock and assumed or retired debt, calls for Pathmark shareholders to receive $9 in cash and 0.12963 shares of A&P stock for each Pathmark share.
The company stated that it plans to maintain the Pathmark name and will retain substantially all Pathmark store operations personnel and about 175 corporate associates.
The combined company has leading market share in the New York metro area, as well as significantly increased market share in greater Philadelphia and Baltimore.
“Our goal now is to efficiently integrate the businesses based on the comprehensive plan developed over the last eight months under the direction of senior management and outside experts. We look forward to the future of our combined company will full confidence in the long-range success we will achieve and the value and benefits we will create for all of our key stakeholders,” stated Christian Haub, executive chairman of A&P.
In announcing the completion of the merger agreement, the grocer highlighted the following key aspects of the deal:
With the deal complete, A&P operates 450 stores in six states and District of Columbia under the trade names A&P, Pathmark, Waldbaum’s, The Food Emporium, Super Foodmart, Super Fresh and Food Basics.