Brampton, Ontario-based Loblaw Companies Ltd. has closed its $225 million acquisition of Richmond's T&T Supermarket.
With 17 stores across the country, T&T is Canada's largest Asian food retailer.
Loblaw, which hopes to increase its presence in the Asian grocery market with the T&T acquisition, agreed to pay $191 million of the purchase price in cash and the remaining through preferred shares, the value of which will be tied to the business' future performance.
Founded in 1993, T&T reported revenue for the 12-month period ending June 30, 2009, of $514 million from its operations in B.C., Alberta and Ontario.
TD Securities Inc. acted as financial adviser to T&T on the deal.