After being on the market and then off, Albertson's finally put through the deal. Most of the company will be sold to Super Valu, with stand-alone drug stores going to CVS, and other pieces being bought by the Cerberus equity group.
The purchase will triple Super Valu's size and vault it to the #2 spot in supermarkets. The problem for them will be absorbing so much so quickly, and fixing a very broken company -- Albertson's same-store sales have been down eight of the last fourteen quarters.
CVS should close a lot of the lead Walgreens has on them, and this gives them a big piece of the California market, where they've had little penetration. I've heard that they did well with the Eckerd takeover, so perhaps they know how to do this M&A stuff.
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