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SUPERVALU INC Announces Agreement For Sale Of Five Retail Grocery Banners To Cerberus Capital Management L.P's AB Acquisition LLC

Thursday, 10 Jan 2013 08:58am EST 

SUPERVALU INC announced a definitive agreement under which it will sell Albertsons, Acme, Jewel-Osco, Shaw's and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC (AB Acquisition), an affiliate of a Cerberus Capital Management L.P. (Cerberus)-led investor consortium which also includes Kimco Realty Corporation, Klaff Realty LP, Lubert-Adler Partners and Schottenstein Real Estate Group, in a transaction valued at $3.3 billion. The sale will consist of the acquisition by AB Acquisition of the stock of New Albertsons, Inc. (NAI), a wholly owned subsidiary of SUPERVALU, which owns the Banners, for $100 million in cash (the Sale ). NAI will be sold to AB Acquisition subject to approximately $3.2 billion in debt, which will be retained by NAI. As part of the transaction, which includes 877 stores across the Banners, AB Acquisition-owned Albertson's LLC will reunite Albertson's stores with the acquired NAI Albertsons stores. The closing of the Sale is also conditioned on among other things, the satisfaction of the conditions to the Tender Offer Process, and the closing of Symphony Investors acquisition of SUPERVALU common stock pursuant to the Tender Offer Process is conditioned on, among other things, closing of the Sale. Closing of the Sale and the Tender Offer Process is expected to occur in the first calendar quarter of 2013. 

Company Quote

-0.17 -1.83%
29 Sep 2014