Hogan Lovells Advises Albertsons Senior Management in US$9 Billion Acquisition of Safeway
10 March 2014
LOS ANGELES, 10 March 2014 – Hogan Lovells has advised senior management of grocery store chain Albertsons in its US$9 billion acquisition of Safeway Inc. The deal, expected to close in the fourth quarter of 2014, will bring together two of the largest grocery store chains in the United States.
The deal was backed by a financial group led by Cerberus Capital Management and will be funded by US$1.25 billion in cash on hand, in addition to approximately US$7.6 billion in debt financing. Albertsons will pay Safeway shareholders US$32.50 per share in cash and the Safeway shareholders would receive some contingent other payments from Safeway, which combined would total approximately US$40.00 per share.
Los Angeles Office Managing Partner Barry Dastin, along with Los Angeles Partner Russ Cashdan, Washington, D.C. Partner Carin Carithers and New York Partner Mark Weinstein, led the Hogan Lovells team. They represented Albertsons’ CEO Robert G. Miller and the other members of Albertsons’ senior management team in connection with the transaction, with respect to their equity ownership in the combined company and their executive compensation arrangements.