Kroger (KR  ) and Albertsons Companies (ACI  ) said their proposed merger will be completed in the first half of Kroger's fiscal 2024.

The transaction, first announced in October 2022, was earlier expected to close in early 2024.

Per the deal, Kroger will acquire Albertsons for $34.10 per share, implying a total enterprise value of approximately $24.6 billion. Kroger's fiscal second quarter ends on August 17, 2024.

Kroger's acquisition of Albertsons has been scrutinized by the U.S. Federal Trade Commission (FTC), with calls to block the deal due to potential market monopoly concerns.

"We remain in active and ongoing dialogue with the Federal Trade Commission and individual state Attorneys General regarding our proposed merger and divestiture plan, the joint statement issued by the companies read.

Under the deal, Kroger will invest $500 million to reduce prices, as well as an incremental $1.3 billion to enhance the customer experience.

In addition, Kroger will invest an incremental $1 billion to raise wages and comprehensive benefits for all associates post-close.

"While this is longer than we originally thought, we knew it was a possibility and our merger agreement and divestiture plan accounted for such potential timing," the companies said.

Price Action: KR shares are trading higher by 0.22% to $46.13 premarket on the last check Tuesday.