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Today, Supervalu announced it has signed an agreement under which Onex Corporation will acquire Supervalu’s Save-A-Lot business for $1.365 billion in cash. In connection with the sale, the two companies will enter into a five-year professional-services agreement under which Supervalu will provide Save-A-Lot with certain services and support functions. The deal is expected to close by January 31, 2017, and is subject to regulatory approval and other customary closing conditions. Supervalu plans to use the net proceeds to prepay at least $750 million of its outstanding loan balance, with the remainder earmarked for improving its capital structure and funding corporate growth initiatives.