Grocery retailer A&P plans to sell its stake in Canadian peer Metro to help finance its takeover of regional retailer Pathmark.

Grocery retailer A&P plans to sell its stake in Canadian peer Metro to help finance its takeover of regional retailer Pathmark. A&P, which has secured financing to fund the $1.3 billion deal, wants to reduce its debt burden after it snaps up Pathmark. A&P owns 11.7 million shares in Metro and said it has agreed to sell its stake to Canadian financial adviser TD Securities. Based upon the closing price of Metro's shares on November 2, A&P said its stake would be worth roughly $45 million. A&P said it expects to close the acquisition of Pathmark in December, some nine months after a deal was first agreed. The deal has faced delays amid investigations from the Federal Trade Commission.