cerberusAccording to the Wall Street Journal, Cerberus Capital Management in New York is reported to be close to making an agreement to acquire parts of retailer Supervalu.

Under a tentative deal, Cerberus, owner of Albertsons LLC, would put in $500 million to get parts of the Minneapolis-based retailer’s asset portfolio. Cerberus would also acquire shareholding in Supervalu as it would still remain a public company. Though the report did not make details of the particular assets that Cerberus was interested in, previous reports had indicated that it had an interest in Supervalu’s Albertsons stores so that it can reunite the two Albertsons banners. Additionally, it was said in those previous reports that Cerberus was also eyeing the Save-A-Lot banner which also falls under Supervalu.

The terms have not been finalized according to the Wall Street Journal report, but the deal and details could be made public in a week’s time.

A spokesman at Supervalu said that the retailer continues to review their strategic alternatives as they had previously announced and was in discussions with many parties. Though he said that there was yet no assurance that the active discussions would have the outcome of a transaction or that there would be a change in the retailer’s business model or overall structure.

After the Journal’s report on its website, the stock of the retailer increased by almost 18% and stood at a little greater than $3 per share.

In 2012, Supervalu announced plans to close 18 of its Albertsons’ stores located in Southern California. It went ahead and closed most of these stores in line with a report it had issued to close 60 stores before 2012 was ended. Supervalu affiliated banners Save-A-Lot, ACME and Jewel-Osco also had some closures.