{"id":161963,"date":"2022-10-14T13:02:56","date_gmt":"2022-10-14T17:02:56","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=161963"},"modified":"2023-01-19T18:15:39","modified_gmt":"2023-01-19T23:15:39","slug":"kroger-bags-25bn-albertsons-merger-as-food-inflation-soars","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/kroger-bags-25bn-albertsons-merger-as-food-inflation-soars\/","title":{"rendered":"Kroger Bags $25Bn Albertsons Merger as Food Inflation Soars"},"content":{"rendered":"\n<p>The Kroger Company (NYSE: KR) unveiled a mega-supermarket tie-up Friday with Boise-based Albertsons (NYSE: ACI) worth around US$24.6 billion, as consumers continue to experience sticker shock on the shelves.<\/p>\n\n\n\n<p>Among the terms of the agreement, Kroger said it will pay an estimated US$34.10 per share of all outstanding Albertsons\u2019 stock \u2013 a premium of about 32.8% \u2013 while assuming about US$4.7 billion of its net debt. For its part, Albertsons \u2013 responsible for banners such as Shaw\u2019s, Acme, Star Market, and Balducci\u2019s Food Lovers Market \u2013 will issue a special US$4.0 billion dividend to its shareholders prior to the transaction\u2019s close.<\/p>\n\n\n\n<p>The two firms also expect to divest stores in a bid to help facilitate regulatory clearance. Their aim would be to spin-off an Albertsons Cos. subsidiary (\u201cSpinCo\u201d) \u2013 comprised of anywhere between 100 and 375 stores \u2013 which would operate as a standalone public company to be completed prior to the merger closing.<\/p>\n\n\n\n<p>Both Albertson\u2019s US$4.0 billion dividend and the value of the SpinCo would ultimately reduce Kroger\u2019s final purchase price, which it expects to finance with cash-on-hand, as well as proceeds from new debt financing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rating-outlook-dims\">Rating Outlook Dims<\/h2>\n\n\n\n<p>The expected rise in Kroger\u2019s debt burden from the deal prompted Moody\u2019s Investors Service to change its outlook on the firm to \u2018negative\u2019 from \u2018stable\u2019, while affirming its \u2018Baa1\u2019 investment-grade credit rating.<\/p>\n\n\n\n<p>Moody\u2019s analyst Chedly Louis noted that Kroger&#8217;s acquisition of Albertson&#8217;s \u201cwill result in meaningfully higher debt levels which will result in a long term negative impact to credit metrics, particularly interest coverage.\u201d<\/p>\n\n\n\n<p>The ratings agency\u2019s negative outlook considers that the deal will be the largest in Kroger&#8217;s history and that \u201cintegration and execution risks will be very high\u201d. Louis added that \u201cstrong free cash flow is key to the company&#8217;s deleveraging goals and the potential for operational shortfalls will remain elevated given the size and complexity of the transaction.\u201d<\/p>\n\n\n\n<p>Kroger said it expects to continue to have a \u201csolid balance sheet\u201d supported by \u201cstrong free cash flow\u201d from the combined business. The company has further engaged with rating agencies and noted that it is \u201cstrongly committed\u201d to an investment-grade credit rating.<\/p>\n\n\n\n<p>The Cincinnati-based company has already paused its share repurchase program to prioritize de-leveraging following the merger to achieve its net leverage target of 2.5x EBITDA in the first 18\u201324 months post-close.<\/p>\n\n\n\n<p>Kroger\u2019s stock had fallen around 5% in intraday trading ahead of the weekend to around US$44.25 per share, while Albertsons\u2019 stock plunged more than 7% to about US$26.61. Market participants observed that rumors of the tie-up had pushed the target company\u2019s shares down Thursday by as much as 14%.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"624\" height=\"351\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/10\/Picture5-1.jpg\" alt=\"Kroger\u2019s stock had fallen around 5% in intraday trading ahead of the weekend to around US$44.25 per share, while Albertsons\u2019 stock plunged more than 7% to about US$26.61\" class=\"wp-image-161966 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/10\/Picture5-1.jpg 624w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/10\/Picture5-1-300x169.jpg 300w\" data-sizes=\"(max-width: 624px) 100vw, 624px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 624px; aspect-ratio: 624\/351;\" \/><\/figure>\n\n\n\n<p>Some of Kroger\u2019s bonds have also witnessed deterioration, amid the Federal Reserve\u2019s recent hefty interest rate hikes and ongoing tightening of monetary policy to combat stubbornly high levels of inflation.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"624\" height=\"351\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/10\/Picture6-1.jpg\" alt=\"Some of Kroger\u2019s bonds have also witnessed deterioration, amid the Federal Reserve\u2019s recent hefty interest rate hikes.\" class=\"wp-image-161968 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/10\/Picture6-1.jpg 624w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/10\/Picture6-1-300x169.jpg 300w\" data-sizes=\"(max-width: 624px) 100vw, 624px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 624px; aspect-ratio: 624\/351;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"624\" height=\"351\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/10\/Picture7-2.jpg\" alt=\"Some of Kroger\u2019s bonds have also witnessed deterioration, amid the Federal Reserve\u2019s recent hefty interest rate hikes.\" class=\"wp-image-161969 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/10\/Picture7-2.jpg 624w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/10\/Picture7-2-300x169.jpg 300w\" data-sizes=\"(max-width: 624px) 100vw, 624px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 624px; aspect-ratio: 624\/351;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Rising Cost of Food at Home<\/h2>\n\n\n\n<p>In fact, Kroger noted that its purchase of Albertons comes at a time \u201cwhen people are increasingly shopping for groceries and eating at home\u201d, and the combined company \u201cwill be better positioned to relieve the inflationary pressures facing shoppers.\u201d<\/p>\n\n\n\n<p>Indeed, in the latest Consumer Price Index figures for September, the U.S. Bureau of Labor Statistics unveiled still-staggering numbers for the \u201cfood at home\u201d category.<\/p>\n\n\n\n<p>The food at home index rose 13.0% over the last 12 months, with the index for cereals and bakery products up 16.2% over the year, and the index for dairy and related products up 15.9%.<\/p>\n\n\n\n<p>The remaining major grocery store food groups posted increases ranging from 9.0% (meats, poultry, fish, and eggs) to 15.7% (other food at home).<\/p>\n\n\n\n<p>Gimme Credit analyst Carol Levenson recently noted that Kroger \u201cbenefits from a move towards eating at home since the global pandemic hit. Inflation is manageable.\u201d She added that the merger with Albertsons presents Kroger with an increase in scale and geographic reach, which \u201cwould be a plus for Kroger&#8217;s business risk.<\/p>\n\n\n\n<p>\u201cIn short, we can easily envision a way this could be done without material harm to Kroger&#8217;s credit profile, and we rely upon management&#8217;s financial conservatism to exert financial discipline on such a transaction.\u201d<\/p>\n\n\n\n<p>Following the close of the deal, which is expected in early 2024, Rodney McMullen will continue to serve as Chairman and Chief Executive Officer, and Gary Millerchip will continue to serve as Chief Financial Officer of the combined company.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kroger unveiled a mega-supermarket tie-up Friday with Boise-based Albertsons worth around US$24.6 billion, as consumers continue to experience sticker shock on the shelves.<\/p>\n","protected":false},"author":2,"featured_media":21288,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,8,9,22,26,3],"tags":[12950,12951,5405,586],"contributors-categories":[13576],"class_list":{"0":"post-161963","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-north-america","8":"category-region","9":"category-securities","10":"category-stocks","11":"category-text-articles","12":"category-traders-insight","13":"tag-albertsons","14":"tag-food-inflation","15":"tag-kroger","16":"tag-merger","17":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ 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