Kroger Co and Albertsons Cos Inc are nearing a deal they hope will secure U.S. regulatory clearance for their proposed $24.5 billion merger, by selling more than 400 grocery stores to C&S Wholesale Grocers for nearly $2 billion, according to people familiar with the matter.
are nearing a deal they hope will secure U.S. regulatory clearance for their proposed $24.5 billion merger, by selling more than 400 grocery stores to C&S Wholesale Grocers for nearly $2 billion, according to people familiar with the matter.
While SoftBank typically opts for technology-related deals, it has ties to C&S executive chairman Rick Cohen, because it has a joint venture with warehouse automation company Symbotic IncThe stores that Kroger and Albertsons plan to shed are primarily in the Pacific Northwest and the Mountain states, along with some in California, Texas, Illinois, and the East Coast, the sources said.
The sources requested anonymity because the negotiations are confidential. Kroger and Albertsons declined to comment. C&S and SoftBank did not respond to requests for comment. Bloomberg News reported about the talks between C&S, Kroger and Albertsons on Monday, as well as SoftBank's involvement but gave no information about the deal terms.
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