Oct 17 Supervalu Inc said it would sell
its Save-A-Lot business to Canadian private equity firm Onex
Corp for $1.37 billion, more than a year after saying
it was considering a spinoff of the discount grocery chain.
Supervalu will enter into a five-year agreement to provide
Save-A-Lot with certain services and support functions for its
day-to-day operations as part of the deal, the company said on
Supervalu said it expects to use proceeds from the sale to
prepay at least $750 million of debt.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by