Minneapolis-based Supervalu Inc., which owns Shaw's, said it has reached an agreement to sell Shaw's and three other supermarket chains to a group of investors led by New York-based Cerberus Capital Management in a deal valued at $3.3 billion.
Besides Shaw's (and its sister company Star Market), the supermarket chains include Albertson's, Acme, and Jewel-Osco. The sale would include a total of 877 stores, according to Supervalu.
The investor group, called AB Acquisition LLC, will pay $100 million in cash and assume $3.2 billion in debt. Cerberus will also purchase up to 30 percent of Supervalu's stock at $4 per share.
Shaw's has 16 stores in Central Massachusetts, according to its website. The chain announced a workforce reduction of 700 part-time employees across its 169 New England stores in November.
Supervalu stock was up nearly 14 percent this morning to $3.46 on the news.