Supervalu completes Albertson's deal
Portland Business Journal - by John Vomhof Jr.
Supervalu Inc. said Friday it has completed its acquisition of more than 1,100 Albertson's Inc. grocery stores.
Under the deal, Supervalu acquires Albertsons-branded stores in the Western states as well as regional grocery brands Acme Markets, Bristol Farms, Jewel, Shaw's Supermarkets and Star Markets. Supervalu also acquired the related in-store pharmacies under the Osco Drug and Sav-on banners.
Following the deal, Eden Prairie, Minn.-based Supervalu (NYSE: SVU) will have roughly 2,500 retail grocery stores. The company expects annual sales of $38 billion, which would make it the nation's third-largest supermarket chain.
"Today, Supervalu begins a new era with significant momentum as a national retail powerhouse," Chairman and CEO Jeff Noddle said in a statement.
In January, Supervalu, CVS Corp. (NYSE: CVS) and investors including Cerberus Capital Management, agreed to buy Boise, Idaho-based Albertson's (NYSE: ABS) for $17.4 billion in cash, stock and debt. Supervalu paid $12 billion for its share of the acquisition.
Albertson's operates more than 20 stores in the Portland region.
John Vomhof Jr. wrote this story for the Minneapolis/St. Paul Business Journal, an affiliated publication.
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