Friday, March 7, 2014

Safeway to Be Bought in $9.2 Billion Merger Deal

Bay Area-based supermarket chain Safeway announced Thursday that it has agreed to be bought by a private equity group in a $9 billion leveraged buyout deal -- one of the biggest such deals since the financial crisis. If the deal goes through, Safeway, the nation's second largest grocery store chain, would be merged with Albertsons, the nation's fifth-largest. The companies say the merger will be good for consumers and shareholders. KPFA's Geoffrey Upton reports.