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Supervalu completes $3.3B asset sale to Cerberus

Mar. 22, 2013 @ 06:54 AM

Supervalu completes $3.3B asset sale to Cerberus

MINNEAPOLIS (AP) -- Supervalu Inc. has completed the sale of five of its grocery chains to Cerebus Capital Management LP in a deal valued at $3.3 billion, including debt.

Supervalu announced in January that it would sell its Albertsons, Acme, Jewel-Osco, Shaw's and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of Cerberus, in a deal worth $100 million in cash and $3.2 billion in debt assumption.

The company will now focus its efforts on its Save-A-Lot discount stores, as well as its smaller regional chains such as Cub, Farm Fresh, Shoppers, Shop 'n Save and Hornbacher's. It will also keep its wholesale business that distributes products to grocery stores.

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