Complex sentence: In 1984, Peoples was acquired by the Canadian conglomerate Imasco, the Canadian arm of British American Tobacco, and owner of Shoppers Drug Mart, Canada's premiere drug store chain.
Split into simpler sentences: In 1984, Peoples was acquired by the Canadian conglomerate Imasco. Imasco was the Canadian arm of British American Tobacco, and also owned Shoppers Drug Mart, Canada's premiere drug store chain.