EDEN PRARIE, MN-Supervalu announced today it has completed the $3.3-billion sale of its four major grocery chains.
The company sold the grocers to AB Acquisition, an affiliate of New York City-based Cereberus Capital Management, and other investors in order to reduce debt. The grocery stores included in the deal were Albertsons, Acme, Jewel-Osco, Shaw's and Star Market, as well as the Osco and Save-On in-store pharmacy chains, according to the Star Tribune.
The sale involved $100 million in cash and the assumption of $3.2 billion in debt.
After the closing of the deal, Supervalu becomes a grocery wholesaler and retailer with annual revenue approaching $17 billion. See story in the Star Tribune.
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