Supervalu (NYSE:SVU) announces that it struck an agreement to acquire Associated Grocers of Florida in a deal valued at approximately $180M.
The company says the transaction will help it expand its operations into a new part of Florida as well as provides new opportunities to bring its products and services to Associated Grocers' diverse customer base in South Florida.
"Associated Grocers represents a great opportunity for us to further expand our wholesale business into another important region," says Supervalu CEO Mark Gross.
The transaction is expected to close by the end this year.
SVU +3.19% premarket to $20.00.
Source: Press Release