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Albertsons, the grocery store giant owned by Cerberus Capital Management, has acquired Plated, a New York-based meal-box subscription service that had raised around $90 million in venture capital funding. No financial terms were disclosed, but The Information reports a price tag of between $175 million and $200 million, with earn-outs that could nearly double the take.

  • Why it matters: Because this could presage new takeover interest in Plated rival Blue Apron, which has stunk up the public markets like a piece of rancid steak. Albertsons getting into meal-box delivery is a much more direct threat to grocers like Kroger than is Amazon's purchase of Whole Foods, given both shopper demographics and the reality that Amazon would still need to figure out sourcing and packaging. Not surprisingly, Blue Apron shares gained in aftermarket trading on the news, and are up again this morning.
  • ROI: It's not all that great for Plated's most recent investors, unless that earn-out is achieved. PitchBook reports the company's Series B round from August 2016 had a $128 million post-money valuation. The Series A post-money, however, was just $50 million.
  • Bottom line: "Albertsons, owner of the Safeway chain with roughly 2,300 stores, will market the meals to millions of store customers, while Plated also continues its online and television advertising campaigns." — WSJ

Go deeper

Updated 6 hours ago - Politics & Policy

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Photo: Alex Wong/Getty Images

Democratic leaders struck an agreement with Sen. Joe Manchin (D-W.V.) on emergency unemployment insurance late Friday, clearing the way for Senate action on President Biden's $1.9 trillion stimulus package to resume after an hours-long delay.

The state of play: The Senate continued to work through votes on a series of amendments overnight into early Saturday morning.

Capitol review panel recommends more police, mobile fencing

Photo: Olivier Douliery/AFP via Getty Images

A panel appointed by Congress to review security measures at the Capitol is recommending several changes, including mobile fencing and a bigger Capitol police force, to safeguard the area after a riotous mob breached the building on Jan. 6.

Why it matters: Law enforcement officials have warned there could be new plots to attack the area and target lawmakers, including during a speech President Biden is expected to give to a joint session of Congress.

Financial fallout from the Texas deep freeze

Illustration: Annelise Capossela/Axios

Texas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.

Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.