Here's a quick breakdown of the biggest deal in Canadian retail, the acquisition of Shoppers Drug Mart by Loblaw Cos.
Total price: $12.4-billion Breakdown: 54 per cent cash, 46 per cent stock.
Cash price: $61.54 a share.
Share consideration: 1.29417 Loblaw share.
Maximum cash outlay for Loblaw: $6.7-billion.
Maximum share issue for Loblaw: 119.9-million.
Ownership breakdown post-merger: Shoppers shareholders 29 per cent, George Weston Ltd. (Weston family holding company) 46 per cent.
Financing: $3.5-billion term loan and $1.6-billion bridge loan.
Pro forma 2012 revenue: $42-billion.
Pro forma 2012 earnings before interest, taxes, depreciation and amortization: $3-billion.
Pro forma 2012 free cash flow: $1-billion Accretion: "double digit" after accounting for amortization of intangibles.
Synergies: $300-million after three years. (Does not require store closings.) Store count: Loblaw has more than 1,000, Shoppers has 1,363.
(Boyd Erman is a Globe and Mail Capital Markets Reporter & Streetwise Columnist.)
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