The buy out was unanimously approved by Safeway's board.
Safeway's holdings also include the Vons and Pavilions chains.
All involved companies will retain their names, in the merger.
With the acquisition Cerberus Capital Management now controls the second largest grocery chain, in the US. Previously, Safeway had been second, with Albertsons fifth.
Kroger, which itself owns multiple other chains, such as King Soopers and Farmers Market, maintains it's spot as the largest grocery chain.
At this time, the company has no plans of closing any stores, however locations which are too close to each other may see one closed to avoid competing with each other.
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