One of the largest supermarket investors has agreed to dish out billions of dollars in a deal that would make them one of the most dominant grocery stores on the west coast
Safeway has agreed to sell itself to Cerberus Capital Management in a $9 billion deal. The agreement will combine Safeway with Cerberus' Albertsons chain.
Safeway currently has more than 1,300 locations. When combined with Albertson's, they will have more than 2,400 stones, 27 distribution facilities and 20 manufacturing plants
Safeway and Albertsons say the deal will help improve customer service and lower costs. They hope to finalize everything towards the end of the year, after they receive approval form shareholders and federal regulators.