Reply #39: Albertson's Finds Buyers

[rainbow4321]

http://www.kotv.com/main/home/storiesNL.asp?whichpage=1&id=97400

A group including grocery parent Supervalu and drug retailer CVS has agreed to buy Albertson's for more than $17-billion in cash, stock and debt assumption.

CVS will acquire Albertson's stand-alone drugstore business, which includes about 700 stores, and related real estate.

Another group led by private equity firm Cerberus Capital Management will buy stores in Dallas-Fort Worth, Northern California, Florida, the Rocky Mountains and the Southwest. That group plans to operate the stores under the Albertson's name.

Traditional grocers have been facing pressure from larger discount competitors like Costco and Bentonville-based Wal-Mart Stores as well as upscale rivals Whole Foods and Trader Joe's.