Closing arrives for sale of 5 SUPERVALU banners

http://supermarketnews.com/

BOISE, Idaho — The sale of five retail banners by Minneapolis-based Supervalu to an investor group headed by Albertsons LLC here and Cerberus Capital Management, New York, is scheduled to take place Thursday.
The investors, doing business as AB Acquisition LLC, will operate the banners under two separate divisions: New Albertsons Inc. (NAI), which will oversee Acme Markets in the Northeast, Jewel in the Midwest, and the Shaw's/Star stores in New England, plus all pharmacy operations; and Albertsons LLC, which will oversee its existing stores in the South, the Southwest and the Pacific Northwest while absorbing the Albertsons-banner stores in Southern California and the Intermountain West.
THURSDAY MORNING UPDATE: Supervalu Completes Sale of Chains to Cerberus
Cerberus is also scheduled to buy a stake of up to 30% of the common stock of Supervalu, though it was not clear when that transaction would close, industry sources told SN.
Supervalu's directors elected Sam K. Duncan as president and chief executive officer in early February, weeks ahead of the deal’s completion, "so he can start to refine and, where appropriate, begin to implement plans for the business," the company said at the time. Robert Miller, president and CEO of Albertsons LLC, is expected to be elected non-executive chairman of Supervalu.
Besides Cerberus and Albertsons LLC, the investor group includes Kimco Realty Corp., New Hyde Park, N.Y.; Klaff Realty LP, Chicago; Lubert-Adler Partners, Philadelphia; and Schottenstein Real Estate Group, Columbus, Ohio. The deal, valued at $3.3 billion, will include $100 million in cash and the assumption of $3.2 billion in debt.