Deal Detail

Albertsons Companies, Inc to The Kroger Co.

EV / LTM EBITDA

5.4x

EV / LTM Sales

Enterprise Value

$24.6B

Primary Source

Morgan Stanley

Comparable Transactions

Grocery Retail transactions announced in the five years to October 2022. 4 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
May 2022	The Fresh Market, Inc.	Cencosud S.A.	$1.6B	-	8.0x	Strategic
May 2021	Smart & Final Stores, Inc.	Bodega Latina Corp.	$600M	-	3.7x	Strategic
Apr 2019	Smart & Final Stores, Inc.	Apollo Global Management, LLC	$1.1B	-	6.5x	Financial
Jul 2018	Supervalu Inc.	United Natural Foods, Inc.	$2.9B	-	7.0x	Strategic
	Mean			-	6.3x
	Median			-	6.8x

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	fairness opinion	WBA FO	Morgan Stanley	2025	$24.6B	-	5.4x	-	Abandoned	Open
	-	fairness opinion	SPTN FO	BofA	2025	$24.6B	-	5.4x	-	Abandoned	Open