Albertsons to Raise Up to $1.84 Billion in IPO
September 25 2015 - 7:50AM
Dow Jones News
Grocery giant Albertsons Cos. on Friday said it expects to raise
up to $1.84 billion in its initial public offering, months after
private-equity firm Cerberus Capital Management LP combined
Albertsons with Safeway Inc.
The Boise, Idaho-based company, whose store banners also include
Tom Thumb and Jewel Osco, set the proposed maximum offering size in
a regulatory filing after first setting its IPO in motion in
July.
Albertsons will trade on the New York Stock Exchange under
ticker symbol "ABS."
An investment group led by Cerberus first bought a chunk of
Albertsons in 2006 and eventually the grocer sold the rest of
itself to the private-equity firm. Last March, Cerberus struck a
deal to acquire Safeway Inc. for about $9.4 billion, a transaction
that brought together Albertsons and Safeway chains to create what
is the country's second-largest grocer, behind Kroger Co.
The tie-up was part of a string of deals among U.S. grocery
chains grappling with tepid growth and fierce competition from
discounters like Wal-Mart Stores Inc. and more upscale options like
Whole Foods Market Inc.
For the year ended in February, Albertsons reported a loss of
$1.2 billion on $27.2 billion in sales.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 25, 2015 07:35 ET (11:35 GMT)
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