Cerebus, Parent Company of Albertsons, to Acquire Safeway for Over $9 Billion
Posted on March 7, 2014Cerebus, the parent company of Albertsons, has announced plans to acquire Safeway in a deal valued at $9.4 billion. The combined company will have over 2,400 stores, 27 distribution facilities and 20 manufacturing plants. It will have over 250,000 employees. Cerebus says in a release that no store closures are expected as a result of the merger.
Albertsons' ceo BOb Miller said in a statement, "This transaction offers us the opportunity to better serve customers by adapting more quickly to evolving shopping preferences in diverse regions across the country. It also brings together two great organizations with talented management teams. Robert Edwards and his team have done an outstanding job in positioning Safeway's core business for success, by investing in its stores and creating innovative strategic marketing programs that contribute to shareholder value. Working together will enable us to create cost savings that translate into price reductions for our customers."
The deal will close in the fourth quarter of this year if it receives approval from Safeway shareholders and the federal government. Take a look: