- Baby Non-Food Products
- Baking/Cooking Staples
- Household Products
- Kitchen Products
- Paper Products
- Personal Care
- Pet Products
- RESEARCH & AWARDS
Cerberus Capital Management has agreed to buy Safeway Inc. for over $9 billion, merging it Albertson’s.
As a result of the merger, through its AB Acquisition arm, Cerberus said Safeway shareholders are expected to receive total value estimated at $40 per share, including $32.50 per share in cash.
"Safeway has been focused on better meeting shoppers' diverse needs through local, relevant assortment, an improved price/value proposition and a great shopping experience that has driven improved sales trends,” said Robert Edwards, president & CEO of Safeway. “We are excited about continuing this momentum as a combined organization. We look forward to working with Bob Miller and the rest of the Albertsons team as we proceed together on a path towards becoming an even stronger organization."
“This transaction offers us the opportunity to better serve customers by adapting more quickly to evolving shopping preferences in diverse regions across the country,” said Albertsons' CEO Bob Miller in a press release. “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. Together, we will be able to respond to local needs more quickly and deliver outstanding products at the lowest possible price, more efficiently than ever before."
Together, the two grocery chains will operate more than 2,000 stores. Kroger has 2,640 units.