Sears Pays $560M For Larger Stake In Canadian Unit

Law360, New York (April 23, 2010, 3:45 PM EDT) -- Sears Holding Corp. has reached a $560 million deal to increase its stake in Sears Canada Inc., its Canadian department store subsidiary, by buying additional shares from the Pershing Square Capital Management LP group of funds.

In a transaction announced Friday, Sears Holding said it will purchase approximately 18.6 million additional shares in its Canadian arm at a price of $30 per share from Pershing, boosting its total ownership in Sears Canada from 73.1 percent to 90.4 percent.

“The purchases are being made as we consider...
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