Private equity firm Apollo Global Management LLC (APO.N) is nearing a deal to acquire Fresh Market Inc (TFM.O), a U.S. specialty grocery retailer, for more than $1.3 billion, people familiar with the matter said on Friday.
The deal would underscore Apollo's confidence that it can turn around companies in the highly competitive U.S. grocery sector. The New York-based buyout firm's past investments include Sprouts Farmers Market (SFM.O) and Smart & Final Stores Inc (SFS.N).
Apollo has prevailed in an auction for Fresh Market with a cash offer of $28.50 per share, and is now finalizing the terms of the deal, one of the people said.
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