Kroger To Buy Albertsons In Grocery Mega-Merger

CNBC reports:

Rival grocers Kroger and Albertsons on Friday announced plans to team up. The companies said Kroger agreed to buy Albertsons for $34.10 a share in a deal valued at $24.6 billion. Albertsons shares had closed Thursday at $28.63 after surging on reports that a deal was imminent.

Kroger is the second-largest grocer by market share in the United States, behind Walmart, and Albertsons is fourth, after Costco. Together, Kroger and Albertsons would be a closer second to Walmart. Both companies’ boards unanimously approved the agreement, which will also need regulatory approval.

Read the full article. Boise-based Albertsons has 2200 US locations. Chains owned by Albertsons include Safeway, Vons, Tom Thumb, Shaw’s, and Balducci’s.