Albertsons Companies Inc.’s (ACI) stock is dropping today after the company announced that it would be selling some of its stores to Kroger Co. (KR).
The transaction, valued at $2.2 billion, will see Albertsons selling off its grocery store chain in the Southwestern U.S. to Kroger. The move comes as Albertsons looks to focus on its core business and reduce debt.
Shares of Albertsons Companies Inc. (ACI) are down 6.73% to $30.60 in pre-market trading after the company announced it would be selling its grocery store chain in the Southwestern U. to Kroger Co. (KR) for $2.2 billion.
The move comes as Albertsons looks to focus on its core business and reduce debt. Under the terms of the deal, Kroger will acquire all of Albertsons’ assets in Arizona, California, Colorado, New Mexico, Nevada, Oklahoma, Texas, and Utah.
The deal is expected to close in the fourth quarter of 2019.
Why is Albertsons stock dropping?
Albertsons stock is dropping because the company is selling some of its stores to Kroger Co.
