Hogan Lovells has advised senior managers of grocery store chain Albertsons in its $9bn (£5.4bn) acquisition of Safeway. The deal, expected to close in the fourth quarter of 2014, will bring together two of the largest grocery store chains in the US.
The deal was backed by a financial group led by Cerberus Capital Management and will be funded by $1.25bn in cash on hand, in addition to approximately $7.6bn in debt financing.
Los Angeles office managing partner Barry Dastin, along with Los Angeles partner Russ Cashdan, Washington DC partner Carin Carithers and New York partner Mark Weinstein, led the Hogan Lovells team.
The team represented Albertsons’ chief executive officer Robert G Miller and the other members of Albertsons’ senior management team in connection with the transaction, with respect to their equity ownership in the combined company and their executive compensation arrangements.