Metro to Acquire 15-Store Chain in Quebec

ELLIOT ZWIEBACH

MONTREAL — Metro here said Monday it has reached an agreement with Groupe GP to acquire Les Supermarches GP for an undisclosed sum.

The deal, which is expected to close late this month, includes eight stores operating under the Metro or Metro Plus banner and seven under the GP banner, all located in Quebec City and eastern Quebec. Eric R. La Fleche, president and chief executive officer of Metro, said the transaction will strengthen the company's presence in eastern Quebec.

Metro said its 600 supermarkets and 250 pharmacies in Quebec and Ontario account for sales of $11 billion ($10 billion U.S.), while the 15 stores being acquired generate annual volume of $300 million ($272 million U.S.). After the sale, Group GP said it will focus its business on real estate.

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