KROGER INKS $2.5 BILLION ACQUISITION OF HARRIS TEETER SUPERMARKETS
Posted in News, Business, Retail, Merger / Acquisition, Demographic, Frozen / Refrigerated Foods, Dairy
CINCINNATI and MATTHEWS, N.C.—The Kroger Co. and Harris Teeter Supermarkets, Inc., announced a definitive merger agreement valued at approximately $2.5 billion. Kroger will purchase all outstanding shares of Harris Teeter for $49.38 per share in cash. Terms of the agreement were approved by the Boards of Directors of both companies.
Harris Teeter brings to Kroger an exceptional brand and complementary base of 212 stores in southeastern and mid-Atlantic markets and in Washington, D.C. The stores are located primarily in high-growth markets, vacation destinations and university communities in North Carolina, Virginia, South Carolina, Maryland, Tennessee, Delaware, Florida, Georgia and the District of Columbia. Harris Teeter also operates distribution centers for grocery, frozen and perishable foods in Greensboro, N.C., and Indian Trail, N.C., and a dairy facility in High Point, N.C. Harris Teeter had revenues of approximately $4.5 billion for fiscal year 2012.
Together the company will operate 2,631 supermarkets and employ more than 368,300 associates across 34 states and the District of Columbia. Following closing, Harris Teeter will continue to operate its stores as a subsidiary of The Kroger Co. and will continue to be led by key members of Harris Teeter's senior management team. There are no plans to close stores, and associates will continue to have employment opportunities with both companies. Kroger headquarters will remain in Cincinnati, and Harris Teeter will keep its headquarters in Matthews, N.C.
Harris Teeter brings to Kroger an exceptional brand and complementary base of 212 stores in southeastern and mid-Atlantic markets and in Washington, D.C. The stores are located primarily in high-growth markets, vacation destinations and university communities in North Carolina, Virginia, South Carolina, Maryland, Tennessee, Delaware, Florida, Georgia and the District of Columbia. Harris Teeter also operates distribution centers for grocery, frozen and perishable foods in Greensboro, N.C., and Indian Trail, N.C., and a dairy facility in High Point, N.C. Harris Teeter had revenues of approximately $4.5 billion for fiscal year 2012.
Together the company will operate 2,631 supermarkets and employ more than 368,300 associates across 34 states and the District of Columbia. Following closing, Harris Teeter will continue to operate its stores as a subsidiary of The Kroger Co. and will continue to be led by key members of Harris Teeter's senior management team. There are no plans to close stores, and associates will continue to have employment opportunities with both companies. Kroger headquarters will remain in Cincinnati, and Harris Teeter will keep its headquarters in Matthews, N.C.
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