Lowe's Acquires Walmart's Interest in Three Former Sam's Club Locations

On January 20, 2010, Lowe's Companies Canada, ULC completed its acquisition of Walmart Canada Corp.'s interest in its former Sam's Club locations in London, Vaughan and Pickering, 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 stores are located at 1335 Fanshawe Park Road West in London, 100 Edgeley Boulevard in Vaughan and 1899 Brock Road in Pickering. Lowe's plans to open its stores at these locations by the end of the fourth quarter of fiscal 2010.

Lowe's was represented by in-house counsel James Potter, Vice President-Associate General Counsel and Assistant Secretary, Lowe's Companies, Inc., and by Stikeman Elliott LLP, with a team that included Mario Paura, John Dow, Andrew Elliott and Savvas Kotsopoulos.

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, Sylvia Adriano, Bruce Engell and David Willer.

The landlords of the Pickering and Vaughan locations and the owner of certain lands surrounding the London property were represented by SmartCentres in-house counsel Joseph Amato, Doris Maida and Jeffrey Winick.