Albertsons acquiring Safeway for $9 billion

Albertsons plans to acquire Safeway for $32 a share in a deal valued at roughly $9 billion that will create a supermarket chain with roughly 2,400 locations to rival market leader Kroger.

The deal announced late Thursday ended longrunningspeculation regarding the potential acquisition of Safeway.

“This transaction offers us the opportunity to better serve customers by adapting more quickly to evolving shopping preferences in diverse regions across the country,” said Albertson’s CEO Bob Miller. “It also brings together two great organizations with talented management teams. (Safeway CEO) Robert Edwards and his team have done an outstanding job in positioning Safeway’s core business for success, by investing in its stores and creating innovative strategic marketing programs that contribute to shareholder value. Working together will enable us to create cost savings that translate into price reductions for our customers. Together, we will be able to respond to local needs more quickly and deliver outstanding products at the lowest possible price, more efficiently than ever before.”