Cerberus Capital to buy Safeway

Cerberus Capital to buy Safeway

Reuters: Cerberus Capital Management will acquire the second-largest U.S. mainstream grocery store operator for about $9.4 billion.

The deal combines Safeway with Cerberus' Albertsons chain, creating a dominant grocery franchise on the West Coast. It also creates a grocery network of more than 2,400 stores and 250,000 employees.

No store closures are expected, according to the company.

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