Kroger and Albertsons, two of the country’s biggest grocers, have decided to merge. This deal would assist them better as they compete against Walmart, Amazon, and other various businesses that have come into the grocery industry.
On Friday, Kroger put in a $20 billion bid for Albertsons Companies Inc. which is about $34.10 per share. Kroger will also take on Albertsons’ $4.7 billion debt.
Kroger, based in Cincinnati, Ohio, has 2,800 stores in 35 states with brands like Ralphs, Smith’s, and Harris Teeter. Albertsons, based in Boise, ID, has 2,200 stores in 34 states with brands like Safeway, Jewel Osco, and Shaw’s. In total, both companies have about 710,000 employees.
The new deal will probably receive criticism from U.S. antitrust regulators, especially when the cost of food is at such a high price, right now. If an approval is given, the agreement is expected to close in the early part of 2024.
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