"We are bringing together two purpose-driven organizations to deliver superior value to customers, associates, communities and shareholders," said Rodney McMullen, Kroger Chairman and Chief Executive Officer, who will continue serving as Chairman and CEO of the combined company. The combined company expects to invest $1 billion to continue raising associate wages and comprehensive benefits after close. Kroger has invested an incremental $1.2 billion in associate compensation and benefits since 2018. Kroger will also build on its recent investments in associate wages, training and benefits. stores to enhance the customer experience.
An incremental $1.3 billion will also be invested into Albertsons Cos. Consistent with prior transactions, 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.
Kroger has a long track record of lowering prices, improving the customer experience and investing in its associates and communities. The combined company will drive profitable growth and sustainable value for all stakeholders. are anchored by shared values focused on ensuring associates, customers and communities thrive. The combination creates a premier seamless ecosystem across 48 states and the District of Columbia, providing customers with a best-in-class shopping experience across both stores and digital channels. and Kroger currently employ more than 710,000 associates and operate a total of 4,996 stores, 66 distribution centers, 52 manufacturing plants, 3,972 pharmacies and 2,015 fuel centers. common stock on October 12, 2022, and 29.7% to the 30-day volume-weighted average price. The purchase price represents a premium of approximately 32.8% to the unaffected closing price of Albertsons Cos. This cash dividend will be payable on November 7, 2022, to shareholders of record as of the close of business on October 24, 2022. The cash component of the $34.10 per share consideration will be reduced by the per share amount of the special cash dividend, which is expected to be approximately $6.85 per share. will pay a special cash dividend of up to $4 billion to its shareholders. As part of the transaction, Albertsons Cos. is prepared to spin off at closing in conjunction with the regulatory clearance process described further in the Transaction Details below. Subject to the outcome of a store divestiture process, the cash component of the $34.10 per share consideration may be reduced by the per share value of a newly created standalone public company ("SpinCo") that Albertsons Cos. ("Albertsons Cos.") common and preferred stock (on an as converted basis) for an estimated total consideration of $34.10 per share, implying a total enterprise value of approximately $24.6 billion, including the assumption of approximately $4.7 billion of Albertsons Cos. Under the terms of the merger agreement, which has been unanimously approved by the board of directors of each company, Kroger will acquire all of the outstanding shares of Albertsons Companies, Inc. Through a family of well-known and trusted supermarket banners, this combination will expand customer reach and improve proximity to deliver fresh and affordable food to approximately 85 million households with a premier omnichannel experience. (NYSE: ACI) today announced that they have entered into a definitive agreement under which the companies will merge two complementary organizations with iconic brands and deep roots in their local communities to establish a national footprint and unite around Kroger's Purpose to Feed the Human Spirit.
14, 2022 /PRNewswire/ - Kroger (NYSE: KR) and Albertsons Companies, Inc. ET Today, October 14, 2022ĬINCINNATI and BOISE, Idaho, Oct. Kroger to Host Conference Call at 8:30 a.m. Strengthens Kroger's Value Creation Model to Drive Profitability and Enhance Shareholder ReturnsĪlbertsons Companies Shareholders Expected to Receive Total Consideration Valued at $34.10 Per Share Establishes National Footprint to Serve America with Fresh, Affordable Food for EveryoneĬombines Two Companies with Shared Values to Unite Around Kroger's Purpose to Feed the Human SpiritĪccelerates Kroger's Go-to-Market Strategy and Positions Combined Company as a Premier Omnichannel Food Retailer, Delivering Quality, Value, Convenience and Choice for CustomersĬontinuing Track Record of Investments Across Lowering Prices, Enhancing the Customer Experience, and Increasing Associate Wages and Benefits
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