Grocery-store chain Albertsons Cos. Inc., which acquired rival Safeway Inc. in a $9.4 billion deal earlier this year, has filed with U.S. regulators for an initial public offering of its common stock.
In a filing with the U.S. Securities and Exchange Commission, Albertsons said it plans to raise up to $100 million in the IPO. However, that could be a nominal figure used to calculate registration fees.
Boise, Idaho-based Albertsons said it intends to use the net proceeds from the offering to repay debt and for general corporate purposes. The company is privately owned by a consortium led by private equity firm Cerberus Capital Management, L.P.
Goldman Sachs & Co., BofA Merrill Lynch, Citigroup, Morgan Stanley and Lazard are acting as underwriters to the IPO.
For fiscal 2014, Albertsons reported net loss of $1.23 billion on net sales of $27.20 billion. Identical store sales for the year were 7.2 percent. On a pro-forma basis, the company would have reported net loss of $385 million on net sales of $57.50 billion.
As of June 20, 2015, Albertsons operated 2,205 stores across 33 states under 18 banners, including Albertsons, Safeway, Vons, Jewel-Osco, Shaw's, Acme and Tom Thumb.
Albertsons completed its $9.4 billion acquisition of Safeway in January 2015. To win regulatory approval for its acquisition of Safeway, the company agreed to sell 111 Albertsons' and 57 Safeway stores across eight states to four separate buyers. The merger presents a strong rival to Kroger Co. (KR), the biggest U.S. grocery store chain.
Albertsons said it currently executing an annual synergy plan of about $800 million from the acquisition of Safeway, which it expects to achieve by the end of fiscal 2018, with associated one-time costs of about $690 million.
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