Kroger buying regional grocer and pharmacy retailer Giant Eagle in $1.65 billion deal
Summary
Kroger is buying the grocery and pharmacy company Giant Eagle in a deal worth $1.65 billion. Giant Eagle has nearly 200 supermarkets and 11 pharmacies in several states, and the purchase is expected to finish next year after regulatory approval.Key Facts
- Kroger will pay $1.25 billion in cash and take on about $400 million in Giant Eagle’s debts.
- Giant Eagle operates 197 supermarkets and 11 pharmacies in Ohio, Pennsylvania, West Virginia, Maryland, and Indiana.
- Kroger owns many stores under different names like Ralphs, King Soopers, Smith’s, and Fred Meyer.
- Kroger’s CEO, Greg Foran, joined the company in February and used to work at Walmart.
- Kroger and Giant Eagle may have to sell some stores to get approval from regulators.
- Kroger’s stock price dropped nearly 3% before the market opened after the announcement.
- The deal is expected to be completed next year.
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