Apollo Global Management LLC said on Tuesday it will acquire Smart & Final Store...
- Apollo Global Management LLC said on Tuesday it will acquire Smart & Final Stores Inc for about $1.1 billion, including debt, the second time the private equity firm will own the U.S. food retailer.
Apollo will pay $6.50 per share in cash for Smart & Final, a 21 percent premium to its closing share price on Tuesday. The shares soared in after-hours trading after Reuters reported on the deal ahead of the announcement. Based in Commerce, California, Smart & Final faces competition from direct rivals and e-commerce firms. Amazon.com Inc acquired Whole Foods Market Inc for $13.7 billion in 2017.
One unit will comprise the 257 stores operated under the Smart & Final banner, which allow consumers to shop at a discount without a membership fee.
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