Supervalu inks $3.3 bil deal

Investor's Business Daily

The 3rd largest U.S. grocery store owner agreed to sell 5 of its supermarket chains: Albertsons, Acme, Jewel-Osco, Shaw's and Star Market, to AB Acquisition, an investor group led by Cerberus Capital Management. AB Acquisition will pay $100 mil for 877 stores and assume $3.2 bil of debt. Supervalu (SVU) also named Sam Duncan CEO and reported Q3 EPS of 3 cents, down from 24 cents last year, and 2 cents below analyst views. Sales fell 5% to $7.91 bil, topping estimates. Shares jumped 14.1% to 3.47.

View Comments (0)