Minneapolis-based Supervalu, which ranks as the third-largest grocery operator in the U.S., said it would sell the Albertsons, Acme, Jewel-Osco, Shaw's and Star Market chains along with its related Osco and Sav-on pharmacy operations to the group, which in addition to Cerberus includes Kimco Realty Corp., Klaff Realty LP, Lubert-Adler Partners LP and Schottenstein Real Estate Group.
Terms of the deal call for the consortium to pay $100 million in cash and assume $3.2 billion in debt.
An investor group led by New York-based Cerberus called Symphony Investors has also agreed to acquire up to a 30% stake in Supervalu for $250 million, with Symphony set to conduct a tender to buy the shares for $4 apiece on the open market. Should Symphony not obtain at least 19.9% of Supervalu's shares via the tender, the chain will be obligated to issue new shares of its stock to allow the group to reach that total.
Post-deal, Sam Duncan, the one-time chairman and CEO of OfficeMax Inc., will replace Wayne Sales as CEO of Supervalu. Following the sale Supervalu will be a $17 billion operation with assets including a food wholesaler, the Save-A-Lot discount grocery chain and a collection of regional chains.
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