Kroger completes acquisition of supermarket chain
- January 29, 2014
The Kroger Co., based in Cincinnati, has completed its $2.5 billion acquisition of North Carolina-based Harris Teeter Supermarkets Inc.
Kroger and Harris Teeter operate stores in Virginia, and Kroger’s Mid-Atlantic division is based in Roanoke.
Under the terms of the merger agreement, Harris Teeter shareholders will receive $49.38 per share of Harris Teeter common stock.
With the deal, Kroger acquires the Harris Teeter brand and its 227 stores in North Carolina, South Carolina, Virginia, Georgia, Tennessee, Maryland, Delaware, Florida 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, which will retain its headquarters in Matthews, N.C., will operate stores under the Harris Teeter name as a Kroger subsidiary. it will continue to be led by Harris Teeter's current president, Fred Morganthall. In fiscal 2013, Harris Teeter had revenues of $4.7 billion.
The combined Kroger company will operate 2,641 supermarkets, employing more than 368,000 workers in 34 states and the District of Columbia.
No store closings are planned.