Kroger stated Friday it is going to purchase fellow grocery store operator Albertsons for about $24.6 billion together with debt in a bid to create a mega chain that may higher compete with the likes of Walmart and Amazon.

The deal is anticipated to attract shut scrutiny from antitrust regulators, as it might mix two of the nation’s largest grocery retailer chains at a time when meals costs and inflation proceed to rise.

Below the phrases of the deal, which has been authorized by the boards of each firms, Cincinnati-based Kroger can pay $34.10 per share for the Boise, Idaho-based firm. The deal additionally consists of the idea of about $4.7 billion in Albertsons debt.

Kroger operates greater than 2,700 shops beneath manufacturers that embrace Ralphs, Dillons and Harris Teeter, whereas Albertsons runs about 2,300 supermarkets beneath the Albertsons, Safeway and Vons manufacturers. The deal would deliver collectively about 700,000 employees.

If authorized by regulators, Kroger says it expects the deal to shut in early 2024.

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