- Shopping center REIT Kimco Realty Corp. ( NYSE: KIM ) said it raised $300 million in a partial sale of its stake in supermarket chain Albertsons ( ACI ) after Kroger ( KR ) announced a deal to purchase the company for $25 billion.
- Following the deal announcement, Kimco ( KIM ) sold 11.5 million of its 39.8 million shares in Albertsons ( ACI ), generating net proceeds of $301.1 million, according to a statement . Kimco still retains 28.3 million shares of Albertsons.
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In connection with the proposed transaction, Kimco agreed not to sell 28 million of its shares in Albertsons for a period of up to seven months. After the lock-up expires, Kimco ( KIM ) will have "full flexibility" over its Albertsons holdings, including the ability to further sell down its stake.
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Kimco ( KIM ) now expects it will pay a special dividend from its Albertsons investment.
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Kimco ( KIM ) is scheduled to release its Q3 results on Oct. 27.
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Kimco raises $300M in partial sale of it Albertsons stake