SPY411.49+2.97 0.73%
DIA337.86+2.73 0.81%
IXIC13,900.19+70.88 0.51%

BRIEF-Empire Company Reaches Agreement To Purchase 51 Per Cent Of Longo's And Grocery Gateway, Accelerates Growing Presence In Ontario

· 03/16/2021 06:06
BRIEF-Empire Company Reaches Agreement To Purchase 51 Per Cent Of Longo's And Grocery Gateway, Accelerates Growing Presence In Ontario

- Empire Company Ltd EMPa.TO:

  • EMPIRE REACHES AGREEMENT TO PURCHASE 51 PER CENT OF LONGO'S AND GROCERY GATEWAY, ACCELERATES GROWING PRESENCE IN ONTARIO

  • EMPIRE COMPANY LTD - ACQUISITION PRICE OF $357 MILLION FOR 51% IS BASED ON AN ENTERPRISE VALUE OF $700 MILLION

  • EMPIRE COMPANY LTD - DEAL EXPECTED TO BE ACCRETIVE TO EARNINGS PER SHARE IN FIRST FULL FISCAL YEAR AFTER CLOSING

  • EMPIRE COMPANY LTD - LONGO'S AND GROCERY GATEWAY WILL CONTINUE TO BE LED BY PRESIDENT AND CEO, ANTHONY LONGO

  • EMPIRE COMPANY - INTENDS TO FINANCE DEAL THROUGH ISSUANCE OF UP TO $125 MILLION NON-VOTING CLASS A SHARES, CASH OF ABOUT $197 MILLION, ACQUIRED DEBT

Source text for Eikon: ID:nCNWd5lMGa

Further company coverage: [EMPa.TO]


((reuters.briefs@thomsonreuters.com;))