International food retailers Delhaize Group and Koninklijke Ahold N.V. announced they have entered into an agreement to merge companies, creating a business that will serve 50 million people across the US and Europe each week.

“The proposed merger with Delhaize is an exciting opportunity to create an even stronger and more innovative retail leader for our customers, associates and shareholders worldwide,” said Dick Boer, CEO of the Dutch-based Ahold which operates the grocery chains Giant and Stop & Shop. “With extraordinary reach, diverse products and formats, and great people, we are bringing together two world-class organizations to deliver even more for the communities we serve. Our companies share common values, proud histories rooted in family entrepreneurship, and businesses that complement each other well. We look forward to working together to reach new levels of service and success.”

The merger of the companies—which will be named Ahold Delhaize—will operate more than 6,500 stores and is expected to close sometime next year.

According to the Associated Press, based on both companies market values, the new company would be worth about $29 billion.

 Full details of the proposed merger can be found on the Ahold website