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Albertsons Launches IPO

06/20/2020

On Thursday June 18th the Albertsons Company launched an initial public offering of 65.8 million shares expected to be priced at $18-$20. 

 

Albertsons will list on the NYSE under the symbol ACI.  This is the third attempt to list. After the merger with Safeway in 2015, the owners explored a listing, but the offer was withdrawn in a down market. In 2018 the company attempted to go public through a $124 million merger with Rite Aid Corp, but the transaction was not completed. 

 

Albertsons is controlled by Cerberus Capital Management.  Seventeen percent of the equity will be sold to Apollo Global Management through the purchase of $1.75 billion of convertible preferred stock in Albertsons.  Kimco Realty Corp received $156 million as part of the Apollo purchase of Albertsons stock increasing the Kimco equity stake to 9.3 percent.

 

Albertsons operates 2,252 food and drug stores in thirty-four states and DC with Albertsons, Safeway, Vons, Carrs, Jewel-Osco, and Shaw's as the leading banners.  Albertsons operates 1,726 pharmacies, 402 fuel stations and has 23 distribution centers and 20 manufacturing plants.