A consortium led by SuperValu Markets has agreed, pending approval of shareholders and the Feds, to purchase Albertsons Stores for about $17.4bn – a huge increase over the $9.8bn figure of last year’s failed negotiations. Here’s the breakdown:

If the sale is completed, the company will be split in to three pieces.

– SuperValu will take control of a total of 1,124 stores, under the Acme, Bristol Farms, Jewel-Osco, Shaw’s, Albertsons and Star Markets brands. It would also operate a number of grocery/pharmacy combination stores. SuperValu would become the nation’s number two traditional grocer – with 2,656 stores in 48 states and the District of Columbia.

– CVS, Inc. will purchase about 700 stand-alone drugstores, which would be rebranded as CVS locations.

– A group led by Cerberus Capital Management will take over about 655 mostly underperforming stores – including the entire Dallas-Fort Worth, Northern California, Rocky Mountain and Southwestern regions. These stores carry the Albertsons and Super Saver flags, as well as some combo grocery/drug stores. Cerebrus will also buy 26 SuperValu stores in the Chicago area to ease possible anti-trust concerns.

Judging by the way SuperValu handles their existing stores, the Albertsons stores they take over will likely keep their identity and the same UCFW union employees. Distribution operations, however, will likely be consolidated, causing some lay-offs, with about 2000 distribution and headquarters jobs in Boise in particular jeopardy. By far the largest single part of SuperValu’s current operation is wholesale distribution.

Cerberus is a commerical property management company. Those stores will likely be gutted or leveled, with smaller independent operators moving in.

As you might guess, Albertsons CEO Larry Johnston is a horse’s ass to a lot of people in Boise today.