Kroger to buy Harris Teeter Supermarkets

Steve’s breakdown: From what we can see, Kroger will be keeping the Harris Teeter brand so this give’m a call. Right now, they do their advertising in-house.

MATTHEWS, NC: Cincinnati-based Kroger Co. will acquire Harris Teeter Supermarkets Inc. in a $2.4 billion deal, Kroger announced this morning.

Kroger offered $49.38 per share in cash, representing a premium of 1.8 percent to Harris Teeter’s Monday close. Kroger said it expects the deal to add 6 cents to 9 cents to its earnings per share in the first full year after close, excluding transition and transaction expenses.

Harris Teeter operates a chain of 212 supermarkets in North Carolina, Virginia, South Carolina, Maryland, Tennessee, Delaware, Florida, Georgia and the District of Columbia. No stores closures are planned. It reported revenue of about $4.5 billion for 2012. Total employment is about 25,300, and the company is not unionized.


Access Confidential Link: Harris Teeter Inc.

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