United States retailer Kroger Co. announced on Friday that it will buy Albertsons Companies Inc. for $34.10 per share, or an enterprise value of around $24.6 billion, including $4.7 billion of Albertsons' debt. The transaction is expected to close in early 2024.
"Kroger plans to invest in lowering prices for customers and expects to reinvest approximately half a billion dollars of cost savings from synergies to reduce prices for customers," the company said. It also plans to invest an incremental $1.3 billion in Albertsons.
Following the announcement, Kroger shares fell by 2.73%, while Albertsons dipped by 3.32% in premarket trade.