UK supermarket group J Sainsbury has announced that it has completed the sale of its U.S. business, Shaw's Supermarkets, to grocer Albertsons.

UK supermarket group J Sainsbury has announced that it has completed the sale of its U.S. business, Shaw's Supermarkets, to grocer Albertsons. Sainsbury's announced in March the conditional sale of Shaw's to Albertsons for $2.48 billion. Completion of the sale was expected to take place by early May 2004. Sainsbury's said the transaction has now been completed following anti-trust (Hart-Scott-Rodino) clearance and completion of the audit for the period ended 28 February 2004. Sainsbury's has received cash proceeds of $2.11 billion and Albertsons has assumed $368 million of store leases that had previously consolidated as debt on Sainsbury's balance sheet. The company also said Shaw's and Star Market stores will continue to operate under their current banners and the headquarters will remain in New Bridgewater, Massachusetts.