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Cerberus Takes Safeway in $9B Merger

PLEASANTON, CA—The deal, expected to close in the fourth quarter, will create a combined company second only to Kroger with more than 2,400 supermarkets coast to coast.

By Paul Bubny | Updated on March 07, 2014

PLEASANTON, CA—Cerberus Capital Management’s lengthy courtship of supermarket chain Safeway Inc. has reached fruition, as the Cerberus-controlled AB Acquisition LLC will acquire all outstanding shares of Safeway. The deal is valued at more than $9 billion.

AB Acquisition is the owner of Albertson’s LLC and New Albertsons Inc. and is controlled by a Cerberus-led investor group. Other partners in the group include Kimco Realty Corp., Klaff Realty LP, Lubert-Adler Partners LP and Schottenstein Stores Corp.

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