Apollo Global Management to invest $1.75bn in Albertsons.

Apollo Global Management is set to invest $1.75bn in Cerberus-backed Albertsons, an operator of the chain of grocery stores. The transaction is expected to close by June 15, 2020, subject to customary closing conditions. “Apollo knows our industry and business model well, given its significant prior history of successful investments in the grocery sector. We believe the investment led by the Apollo Funds represents a vote of confidence in both our business and our long-term strategy. We are also proud to have the continued support of our owners, led by Cerberus Capital Management. We appreciate their tremendous support over the years in operations, technology and financing as we have grown our business and our platform, and especially during the Covid-19 pandemic as we focus on the safety and well-being of our associates, customers and communities," Vivek Sankaran, Albertsons President and Chief Executive Officer.