Supervalu announced the completion of the sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of a Cerberus Capital Management-led investor consortium, in a stock deal valued at $3.3 billion, including $100 million in cash and $3.2 billion in debt assumption.
When Albertson's LLC announced last month that its parent company, AB Acquisition, an affiliate of Cerberus Capital Management, signed an agreement to acquire 877 stores from Supervalu in a deal valued at some $3.3 billion — a move that will reunite all Albertsons stores under one operator — it recast the rankings of the industry's leading pharmacy retailers.
When Supervalu announced this past summer a review of strategic alternatives, its goals were to improve its business, better position the company for the future and create the best opportunity to deliver shareholder value. This effort has led to the sale of 877 stores to AB Acquistion.
Albertsons named the division presidents who will lead the 877 stores it will acquire from Supervalu after the purchase agreement closes next month, the company said. The two companies agreed to the purchase in January.
In a move that will reunite all Albertsons stores under one operator, Supervalu on Thursday morning announced a definitive agreement under which it will sell 877 stores across the Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market banners and related Osco and Sav-on in-store pharmacies to AB Acquisition, an affiliate of Cerberus Capital Management, in a transaction valued at $3.3 billion.
Shaw's and Star Market, Boston Moves for Health and the Fuel Up to Play 60 program on Tuesday announced they are teaming up with Boston Public Schools to support kids' health through the creation of "Workout Wednesdays," an integrated health and fitness program.
Supervalu on Wednesday afternoon announced it will close approximately 60 underperforming or nonstrategic stores this fiscal year, including 38 in its retail food reporting segment and 22 Save-A-Lot locations.