On February 2, 2011, Lowe's Companies Canada, ULC completed its acquisition of Walmart Canada Corp.'s interest in its former Sam's Club location in Etobicoke, Ontario, as contemplated by a purchase agreement entered into on July 30, 2009.
Walmart discontinued its Ontario Sam's Club format in March 2009 to focus on its more popular and expanding supercentre format and discount-store business.
The purchase price for the transaction was not disclosed.
The acquired store is located at 1604 The Queensway, Etobicoke. Lowe's plans to open its store at this location by the end of the third quarter of fiscal 2011.
Lowe's was represented by in-house counsel James Potter, Vice President, Associate General Counsel & Assistant Secretary, Lowe's Companies, Inc., and by Stikeman Elliott LLP, with a team that included Mario Paura, John Dow and Andrew Elliott.
Walmart was represented by in-house counsel Laurie Crocker and Peter Prattas, by Davies Ward Phillips & Vineberg LLP, with a team that included Gregory Howard, Steven Martin and Matthew Singerman, and by WeirFoulds LLP, with a team that included John Pandell and Sylvia Adriano.