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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

Read more here.

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Originally published on Advisor.ca

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