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Last Updated ( Friday, 07 March 2014 18:42 )
DATE_FORMAT_LC2=Friday,March 07 2014 12:00:00 am EST   
Albertsons Acquires Safeway for $9 Billion

Pleasanton, Calif, and Boise, Idaho  — Albertsons Acquires Safeway for $9 Billion
Pleasanton, Calif., and Boise, Idaho — Safeway Inc. and Albertsons have entered a definitive agreement under which AB Acquisition LLC will acquire all outstanding shares of Safeway. The merger agreement has been approved by Safeway's board of directors. AB Acquisition is the owner of Albertson's LLC and New Albertson's, Inc. and is controlled by a Cerberus Capital Management, L.P.-led investor group, which also includes Kimco Realty Corporation, Klaff Realty LP, Lubert-Adler Partners LP, and Schottenstein Stores Corporation.

"This transaction offers us the opportunity to better serve customers by adapting more quickly to evolving shopping preferences in diverse regions across the country," says Albertsons' Chief Executive Officer Bob Miller."

 

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