Safeway Prepares for Blackhawk IPO
Initial public offering of minority ownership stake slated for first-half 2013
Published in CSP Daily News
PLEASANTON, Calif. -- Safeway Inc. has announced that it plans to file a registration statement with the U.S. Securities & Exchange Commission (SEC) for a potential initial public offering (IPO) of a minority ownership stake in Blackhawk Network Holdings Inc.
Depending on market conditions, the company anticipates executing a transaction in the first half of 2013.
Blackhawk Network Holdings, a subsidiary of Safeway, operates Blackhawk Network Inc., a leading prepaid payments network for consumers and businesses. The company offers prepaid gift cards and payment services from leading brands through a network of leading grocery stores, big-box stores, convenience stores, pharmacies, specialty stores and Internet retailers including GiftCardMall.com.
Blackhawk operates a proprietary network that connects to more than 500 content providers and more than 70,000 active retail distribution locations globally.
Pleasanton, Calif.-based Safeway is one of the largest food and drug retailers in North America based on sales. The company operates 1,666 stores in the United States and western Canada and had annual sales of $43.6 billion in 2011.
Click here for previous CSP Daily News coverage of Blackhawk.