Metro sells majority of Couche-Tard for $1.55 billion

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Metro sells majority of Couche-Tard for $1.55 billion

Metro has entered into three separate agreements to sell off the majority of its Couche-Tard Inc. business for $1.55 billion. metro

Metro Holdings agreed to sell 11.37 million shares of Couche-Tard to National Bank Financial Inc. and BMO Capital Markets for approximately $650 million. Metro agreed to sell the same number of shares to CDP Investissements Inc. et CDPQ Marchés Boursiers Inc, two wholly owned subsidiaries of Caisse de dépôt et placements du Québec, for another $650 million.

The completion of the sales with the dealers and Caisse de dépôt et placements du Québec’s subsidiaries will occur within the next two business days. As a result of such sales, Metro and Metro Holdings will no longer be parties to the shareholders’ agreement relating to Couche-Tard.

Metro Holdings has also entered into a private agreement with Couche-Tard for the repurchase for cancellation of 4.37 million shares of of the company for approximately $250 million.

Following the sales with the dealers and Caisse de dépôt et placements du Québec’s subsidiaries and the repurchase by Couche-Tard, Metro Holdings will remain the beneficial owner of 5.1 million shares. The after tax net proceeds will be used to finance the previously announced business combination with Le Groupe Jean Coutu Inc. and to reduce Metro’s committed bank facilities.

Source: Produce News

By | 2017-10-12T11:43:00+00:00 October 12th, 2017|Uncategorized|Comments Off on Metro sells majority of Couche-Tard for $1.55 billion

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