The bond offering will cover about 25% of the multibillion deal as Metro deals with the encroaching threat of Amazon.

(Bloomberg)—Canadian grocer Metro Inc. is offering C$1.2 billion ($934 million) of bonds in a three-tranche sale to partly finance the C$4.5 billion purchase of pharmacy chain Jean Coutu Group Inc.

Montreal-based Metro is offering C$300 million of five-year, C$450 million of 10-year and C$450 million of 30-year senior unsecured notes, according to people familiar with the matter who are not authorized to speak publicly and asked not to be identified. The bond offering follows a fixed income roadshow the company held on Nov. 27-28 and a meeting of Jean Coutu shareholders that approved the acquisition on Wednesday.

The purchase of Jean Coutu is part of Metro’s efforts to diversify in an industry under increasing threat from Amazon.com Inc.’s grocery expansion. Amazon is No. 1 in the Internet Retailer 2017 Top 500.

The bond offering is Metro’s largest on record. The supermarket chain sold C$400 million of three-year floating rate notes in February and a total of C$600 million evenly split between seven-year and 30-year fixed-rate securities three years ago.

The sale is led by BMO Capital Markets, National Bank Financial Markets and CIBC World Markets with Desjardins Securities, RBC Capital Markets, Scotia Capital, TD Securities and MUFG as co-managers.

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