Safeway Plans IPO of Blackhawk Gift-Card Division

Blackhawk is “a high-growth company captured inside of what is currently a low-multiple body.” — Steve Burd, chairman and CEO, Safeway

PLEASANTON, Calif. — Safeway here said last week it plans to sell a minority stake early next year in Blackhawk Network Holdings, its gift-card subsidiary — a move analysts said could generate more than $750 million while enabling Safeway to continue to reap benefits from Blackhawk’s growth.

Safeway said it plans to file a registration statement for a potential initial public offering of Blackhawk an

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