WILMINGTON, NC (WECT/AP) – Kroger management will soon be taking over Harris Teeter Supermarkets, Inc.
Kroger announced Tuesday it has agreed to buy Harris Teeter Supermarkets Inc. for about $2.44 billion in cash.
Kroger will pay $49.38 for each of its rival supermarket chain's shares. The price represents a 2 percent increase over the company's Monday closing stock price. The deal has been approved by both companies' boards.
According to a news release, Harris Teeter will bring a base of 212 stores in southeastern and mid-Atlantic markets and in Washington, DC.
"We are excited to welcome Harris Teeter to the Kroger family," said David B. Dillon, Kroger's Chairman and Chief Executive Officer. "Harris Teeter is an exceptional company with a great brand, friendly and talented associates, and attractive store formats in vibrant markets run by a first-class management team."