Albertsons Parent Cerberus Buys Safeway for $9 Billion

from Albertsons parent Cerberus Capital Management is setting its sights on the grocery throne currently occupied by Kroger, buying up rival Safeway Inc. in a deal valued at more than $9 billion. Through its AB Acquisition arm, Cerberus said Safeway shareholders will receive $40 a share, including $32.50 a share in cash. Board members of Safeway, which is based in Pleasanton in Northern California, unanimously approved the transaction. The company runs the Vons and Pavilions chains in Southern California. Together, the two grocery chains will operate more than 2,000 stores. Kroger has 2,640 units.

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