The grocery store chain Kroger plans to buy rival Albertsons in a merger valued at $24.6 billion — a deal that is likely to draw intense antitrust scrutiny from federal regulators as food costs soar.
Kroger plans to buy Albertsons in a deal valued at $24.6 billion, a merger that would merge the two largest grocery-store chains in the U.S., the companies said on Friday.
The deal is likely to draw intense scrutiny from federal regulators and critics as it would form a new supermarket colossus at a time of soaring food costs.Kroger is the largest supermarket operator in the U.S., with 420,000 employees and more than 2,700 stores, including Ralphs, Harris Teeter, Fred Meyer, and King Soopers. Albertsons is the country's second-largest supermarket company, with 290,000 employees and almost 2,300 stores, including Safeway and Vons.
The two overlap in many markets and their tie-up would involve spinning off up to 375 stores into a separate company. In the, Kroger said it would"reinvest approximately half a billion dollars of cost savings from synergies to reduce prices for customers" and invest $1 billion to raise wages and benefits for workers.
For both companies, Walmart is a key competitor, as the retail giant is a top seller of groceries in the U.S., along with Amazon and smaller stores. Albertsons
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Reports: Kroger may buy Albertsons in grocery megamergerKroger is reportedly in talks to buy Albertsons in a deal that would combine two of the nation's largest grocery chains.
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