ACME Markets to acquire A&P stores in Delaware
ACME Markets has entered into an agreement to acquire 76 A&P stores in Connecticut, Delaware, Maryland, New Jersey, New York, and Pennsylvania under the A&P, Superfresh and Pathmark banners.
The offer is subject to customary legal and bankruptcy court approvals, following A&P’s Chapter 11 filing this week. A&P has asked the court for an order requiring other bidders to submit their bids by September 11, with an expectation that court approval for the sale of the stores would be received by October 15.
ACME Markets, a wholly-owned subsidiary of AB Acquisition LLC or Albertsons Companies, operates 107 tores across Pennsylvania, Delaware, Maryland and New Jersey..
RBC Capital Markets is serving as exclusive financial advisor in connection with this transaction. Milbank, Tweed, Hadley & McCloy LLP is serving as lead bankruptcy counsel. Schulte Roth & Zabel LLP is serving as outside legal counsel on antitrust matters. Greenberg Traurig, LLP is serving as outside legal counsel on real estate matters. Citigroup Global Markets Inc. and Bank of America Merrill Lynch provided committed financing in support of the acquisition.