Kroger buying regional grocer and pharmacy retailer Giant Eagle in deal valued at $1.65 billion
Summary
Kroger is buying Giant Eagle, a regional grocery and pharmacy chain, for $1.65 billion. The deal includes cash and taking on some debt, with the purchase expected to finish next year after regulatory approval.Key Facts
- Kroger is purchasing Giant Eagle for $1.65 billion.
- Giant Eagle has 197 grocery stores and 11 pharmacies in several states including Ohio and Pennsylvania.
- The deal consists of $1.25 billion in cash plus about $400 million in debt.
- Kroger operates thousands of stores under different names like Ralphs and Fred Meyer.
- The companies expect to sell some Giant Eagle stores to meet regulatory rules.
- Kroger CEO Greg Foran said Giant Eagle fits well with Kroger’s business.
- Foran became Kroger’s CEO in February and has a background at Walmart.
- Kroger’s stock price dropped by nearly 3% after the deal was announced.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.