Tuesday, February 20, 2018 5:47:11 AM
Albertsons Cos. plans to buy the rest of Rite Aid Corp. that isn’t being sold to Walgreens Boots Alliance Inc. as retailers of all stripes scramble to respond to a rapidly changing consumer shopping landscape.
The drugstore chain and Albertsons have a combined value of around $24 billion, including debt, the companies said Monday. Rite Aid RAD, +22.07% , which comprises thousands of drug stores and a benefits-management company with millions of members, has a market value of about $2.3 billion and is in the process of selling a chunk of its stores to Walgreens WBA, +1.63% .
Following the proposed cash-and-stock deal, shareholders of closely held Albertsons, owner of Safeway and 19 other supermarket chains, would hold roughly 71% of the combined company, while Rite Aid investors would own the rest, they said.
The transaction would create a company with revenue of $83 billion and allow Albertsons to go public after more than a decade of ownership by private-equity giant Cerberus Capital Management LP. The grocer was on the brink of an initial public offering in 2015 but shelved the plan in the face of a dour profit forecast by rival Walmart Inc WMT, +1.04% .
https://www.marketwatch.com/story/albertsons-and-rite-aid-to-merge-then-go-public-2018-02-20
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