News Summary: Blackhawk IPO

AP News
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Posted: Sep 05, 2012 4:46 PM

SHOPPING LIST: Safeway Inc. said it plans to take its gift card business, Blackhawk Network Inc., public. The grocery chain said Wednesday that it plans to file a registration statement for the initial public offering of a minority stake in the business.

BEYOND GROCERIES: The supermarket operator launched Blackhawk in 2001 as a means to sell customers something beyond the traditional grocery store product lineup. Safeway says Blackhawk is now the nation's largest third-party distribution company in the U.S.

CHECKOUT: Safeway expects the offering to occur in the first half of 2013 but said the exact timing will be based on market conditions. The company gave no details on pricing.