Canadian food retailer and distributor Sobeys has announced that it has entered into an agreement to purchase all of the assets of Ontario-based Commisso's Food Markets and Commisso's Grocery Distributors for around C$65m (US$49.8m).

The purchased assets include 15 grocery stores, six cash-and-carry outlets and a wholesale business and distribution centre, Sobeys said.

It is anticipated that the transaction will close early in 2004 after receipt of regulatory approval and completion of due diligence. 

"With the acquisition of these retail and wholesale assets, we immediately secure greater market presence, sales and market share in one of our key regions," said Bill McEwan, president and CEO of Sobeys.