Albertsons parent company buying Safeway - Tucson News Now

Albertsons parent company buying Safeway

TUCSON, AZ (Tucson News Now) -

Safeway says it has agreed to be acquired by an investment group led by Cerebus Capital Management, the owner of Albertsons and several other supermarket chains.

The acquisition is worth about $7.64 billion in cash, and pending other transactions could top more than $9 billion.

According to corporate leaders, the stores will keep their current names.

There are seven Albertsons stores in Tucson and 20 Safeways in southern Arizona.

The merger comes as a lot of grocery stores are facing tougher competition from Walmart and other stores.

Copyright 2014 Tucson News Now. All rights reserved. The Associated Press contributed to this report.

 

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