Grocery chain Safeway was bought by Cerebus Capital Management yesterday in a $9 billion deal, reports the New York Times.
Read: Primer on private equity
Cerebus says it plans to merge the chain with Albertsons, another American grocer it owns.
The bid overshoots Safeway’s Feb. 18 stock price by 17%, and shareholders will get about $40 when the deal is done, says the Times.
Safeway operates across North America and has more than 2,000 stores. No stores are expected to close with the deal
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