ZAANDAM, the Netherlands — Ahold on Monday announced its Stop & Shop division has entered into an agreement with The Great Atlantic & Pacific Tea Company to acquire 25 A&P stores in New York for $146 million.
Upon completion, Stop & Shop plans to convert the Waldbaums, Pathmark and A&P stores that are part of the agreement into Stop & Shop stores. The transaction is currently expected to close in the second half of 2015.
The agreement is subject to further terms and conditions set forth therein and relating to A&P’s bankruptcy proceedings filed on July 19, which include the potential of a subsequent auction under which other higher bid or bids could be received and accepted by A&P for these stores.
The agreement is also conditioned on regulatory requirements including anti-trust approval.