Kroger to buy Harris Teeter for about $2.44B - WKRN News 2

Kroger to buy Harris Teeter for about $2.44B

Posted:

CINCINNATI (AP) - Kroger says 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.

Matthews, N.C.-based Harris Teeter operates 212 stores in southeastern and mid-Atlantic markets, along with a pair of distribution centers and a dairy facility. Its fiscal 2012 revenue totaled about $4.5 billion.

Cincinnati-based Kroger Co. says it expects the deal to result in cost savings of $40 million to $50 million over the next three to four years.

Kroger will finance the deal with debt and plans to assume Harris Teeter's outstanding debt of about $100 million.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Bobcat seen roaming Cool Springs neighborhood

    Bobcat seen roaming Cool Springs neighborhood

    Monday, July 21 2014 10:01 PM EDT2014-07-22 02:01:22 GMT
    A bobcat has been spotted roaming an upscale neighborhood in Franklin several times. Officials are asking homeowners to be on the lookout.More >>
    A bobcat has been spotted roaming an upscale neighborhood in Franklin several times. Officials are asking homeowners to be on the lookout.More >>
  • Mysterious "woman in black" spotted in Tennessee

    Mysterious "woman in black" spotted in Tennessee

    A mysterious figure is capturing the attention of social media. She's been nicknamed "the woman in black" and she's been spotted in different parts of east Tennessee including Madisonville, Athens, Sweetwater and now Morgan County.More >>
    A mysterious figure is capturing the attention of social media. She's been nicknamed "the woman in black" and she's been spotted in different parts of east Tennessee including Madisonville, Athens, Sweetwater and now Morgan County.More >>
  • 5-year-old battling cancer only wants cards for birthday

    5-year-old battling cancer only wants cards for birthday

    Jul 19, 2014 05:05 PM2014-07-19 23:16:42 GMT
    A 5-year-old boy who is battling inoperable cancer only wants a box of birthday cards for his sixth birthday.More >>
    A 5-year-old boy who is battling inoperable cancer only wants a box of birthday cards for his sixth birthday.
    More >>
Powered by WorldNow

441 Murfreesboro Road Nashville, TN 37210

Telephone: 615.369.7222
Fax: 615.369.7329
Email: news@wkrn.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Nashville, LLC. A Media General Company.