10:22 AM EDT, 08/16/2024 (MT Newswires) -- (Updates with Kroger's ( KR ) statement to MT Newswires in the first and second paragraphs.)

Kroger ( KR ) plans to invest $1 billion to lower Albertsons' ( ACI ) prices after their merger is complete, a Kroger ( KR ) spokesperson confirmed in an email to MT Newswires Friday.

"As we've prepared for integration since announcing our planned merger nearly two years ago, we continued our ongoing work to confirm and increase opportunities to generate efficiencies to invest back in customer prices, associate wages and store experience," the spokesperson added.

Multiple media outlets reported Thursday that this is an increase from the previous promise of a $500 million grocery price cut at Albertsons ( ACI ) locations.

Price: 52.70, Change: +0.09, Percent Change: +0.17