For months, it has felt like nothing could take the country’s collective focus off the COVID-19 crisis. Then, a stream of tragic stories with graphic videos and an all-too-familiar theme emerged again. Over the weekend, we have all witnessed the community outrage provoked by a long history of racism in our country reaching a boiling point due to the recent and senseless killing of George Floyd. The impact of these events has arrived at our doors. We have closed some facilities on the advice of local law enforcement – and have seen a few of our stores damaged by rioters. We will fix these stores and be back in business soon, but we have a more important agenda that demands our collective attention immediately.
Albertsons Companies announces $1.75 billion preferred equity investment led by Apollo Global Management
BOISE, Idaho, May 20, 2020 (GLOBE NEWSWIRE) - Albertsons Companies, Inc. (the "Company”) today announced that funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, Inc. (“Apollo”) have led the purchase of $1.75 billion of convertible preferred stock of Albertsons Companies (the "Preferred Stock"). Following a repurchase of a portion of the common stock owned by the Company's current shareholders, on an as-converted basis the Preferred Stock will represent approximately 17.5% of pro forma common stock outstanding. The transaction is expected to close by June 15, 2020, subject to customary closing conditions.