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Kroger Announces Harris Teeter Deal

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Supermarket operator The Kroger Co. has struck a deal to acquire regional grocery chain Harris Teeter for $2.4 billion, according to the New York Times. The acquisition will allow Kroger to expand into Southeast and mid-Atlantic states, including North and South Carolina, Tennessee and Georgia, among others.

According to the acquisition agreement, Kroger will pay $49.38 per share for Harris Teeter's stock and assume $100 million in the company's outstanding debt. Once the deal goes through, Harris Teeter will operate as a Kroger subsidiary, retaining its brand name and current senior management team. Harris Teeter operates 212 stores and reported $4.5 billion in revenues last year. 

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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