The parent company of grocery chain Sobeys Inc. says it has reached a deal to acquire food retailer Farm Boy in a bid to expand its reach in Ontario. Empire Co. Ltd. says the acquisition, which values the Ontario-based chain of grocery stores at $800 million, includes 26 Farm Boy locations in the province. Empire chief executive Michael Medline said the company is hoping to double the size of the Farm Boy business. Farm Boy's co-CEOs have also agreed to reinvest in the company return for a 12 per cent interest of the continuing Farm Boy business. Empire said Farm Boy products will also be added to Sobeys' Ocado-based e-commerce business, an online grocery platform to launch in 2020 in the Greater Toronto Area.

Source: CBC News September 24, 2018 12:45 UTC