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.Board members of Safeway, which is based in Pleasanton in Northern California, unanimously approved the transaction. Together, the two grocery chains will operate more than 2,000 stores. Kroger has 2,640 units.
The deal is expected to close during the fourth quarter; the companies “will remain competitors” until then, Miller said.
I had heard rumors of this a week or two ago, but it actually happened. This is huge news for the grocery industry..!