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PE-Backed Grocery Giant Albertsons Plans To Buy Rite Aid

Law360 (February 20, 2018, 4:42 PM EST) -- Private equity-backed grocery giant Albertsons on Tuesday unveiled plans to snap up Rite Aid, giving the pharmacy chain a new merger partner after its planned $17.2 billion takeover by Walgreens was scrapped for a smaller store sale amid regulatory pushback.

Albertsons Cos. plans to merge with the portion of Rite Aid Corp. that Walgreens Boots Alliance Inc. is not buying, which is also expected to pave the way for the grocery retailer to list publicly. Albertsons is currently backed by a private equity consortium led by Cerberus Capital Management LP and includes Kimco Realty Corp., Klaff Realty LP, Lubert-Adler Partners LP...

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