C&S Wholesale Grocers, backed by SoftBank Corp SFBQF, is reportedly approaching a deal to buy stores from The Kroger Company KR and Albertsons Companies, Inc. ACI.
KR and ACI are looking to sell these stores to get regulatory approvals for their imminent $24.6 billion acquisition, reported Reuters.
The transaction value and store count are unknown.
Related: Seven US State Officials Oppose Kroger's Acquisition Of Albertsons: Report
As per the report, in February, Kroger and Albertsons were in advance talks to divest a total of around 250 to 300 stores, likely worth more than $1 billion, to ease U.S. antitrust concerns over the merger.
Notably, officials of about seven U.S. states reportedly have written to the antitrust body with a proposal to stop the merger.
The FTC is conducting a federal antitrust probe into the deal, and usually, secretaries of state reportedly have a limited role in business decisions.
Price Action: ACI shares are trading higher by 1.55% at $22.90, and KR shares are up 0.18% at $45.10 premarket on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
