Costco Wholesale Corp. on Tuesday said it acquired logistics company Innovel Solutions from Transform Holdco LLC, the operator of Sears and Kmart stores, for $1 billion in cash. The deal is Costco’s largest acquisition since it merged with Price Club in 1993, and continues a broader effort by Sears’s owner to shed assets. Transform Holdco, the company controlled by financier Edward Lampert that acquired hundreds of Sears and Kmart stores out of bankruptcy, said it would use proceeds from the sale to repay all of its non-real-estate...

Source: Wall Street Journal March 17, 2020 18:33 UTC