Safeway Inc., the second-largest U.S. grocery-store chain, agreed to sell its Canadian stores to Empire Co.’s Sobeys Inc. unit for about $5.7 billion in cash. Safeway shares surged in early trading.
Proceeds from the sale will be used to pay down $2 billion in debt and buy back stock, Pleasanton, California-based Safeway said Wednesday in a statement. The boards of both companies have approved the deal.
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