TORONTO — The Ontario Superior Court of Justice (Commercial List) has approved Loblaw Cos.’ deal to acquire Shoppers Drug Mart Corp.
Shoppers Drug Mart said Monday that completion of the $12.4 billion (Canadian) transaction remains conditional upon compliance with the Competition Act (Canada) and other customary closing conditions.
The companies expect the acquisition agreement to be finalized before the end of the 2014 first quarter.
Shoppers Drug Mart shareholders overwhelmingly approved the cash and stock deal in a special meeting last Thursday.
The deal, announced in July, unites Canada’s largest food retailer with the country’s biggest drug chain. Shoppers Drug Mart’s store base encompasses 1,244 Shoppers Drug Mart and Pharmaprix drug stores in each province and two territories, along with 57 medical clinic pharmacies under the Shoppers Simply Pharmacy/Pharmaprix Simplement Santé banners, six Murale luxury beauty outlets and 62 Shoppers Home Health Care stores.
Loblaw’s store network includes more than 1,000 corporate and franchised supermarkets, and about 500 pharmacies, across Canada under 22 banners.
