The No. 2 grocery-store operator in the U.S. has been gobbled up by a very hungry private equity firm.
Cerberus Capital Management bought Safeway for $9.4 billion in a deal that will merge the grocery chain with Albertsons, which the firm previously bought.
Cerberus is hoping the now massive chain will be able to cut costs and better compete with big-box retailers like Costco.
Safeway shares fell following the news.
Joining us tonight with some more perspective is Daily Beast Columnist Daniel Gross.