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SUPERVALU Inc. (NYSE: SVU), Minneapolis, MN, has agreed to sell its Save-A-Lot business to an affiliate of Onex Corp. (TSX: OCX), Toronto, Ontario, for $1.4 billion. In connection with the sale, SUPERVALU and Save-A-Lot will enter into a five-year professional services agreement.
“The sale of Save-A-Lot is another important step in SUPERVALU’s transformation. It provides us with a stronger balance sheet that will allow us to further build on our core strengths and growth opportunities,” said SUPERVALU President and CEO Mark Gross.