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Sainsbury in Star buy
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November 26, 1998: 8:22 a.m. ET
U.K. supermarket group buys New England-based chain
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LONDON (CNNfn) - U.K. supermarket group Sainsbury is putting New England-based Star Markets in its basket for 294 million pounds ($490 million).
Star is the fifth-largest food retailer in New England, operating 53 supermarkets in the Greater Boston area.
Sainsbury (SBRY) already owns Shaw's Supermarkets, which operates 126 stores in the New England area.
Sainsbury chief executive Dino Adriano said in a statement: "Star Markets represents an excellent fit with Shaw's Supermarkets." He expects synergies of $40 million a year when the acquisition is fully absorbed.
Sainsbury shares eased 2 percent to 520 pence on the news.
Star was owned by Bahrain-based investment group Investcorp.
Sainsbury sold its holding in Giant Food to Ahold of the Netherlands in May.
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J. Sainsbury
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