Kroger to buy Harris Teeter for about $2.44B - New York News

Kroger to buy Harris Teeter for about $2.44B

Posted: Updated:

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.

  • Local NewsLocal NewsMore>>

  • 2 children die in overnight NYC fire

    2 children die in overnight NYC fire

    Sunday, April 20 2014 6:57 PM EDT2014-04-20 22:57:33 GMT
    Police say 4-year-old half siblings have died in an overnight fire at a home in New York City, and the twin of one of the children has survived.
    Police say 4-year-old half siblings have died in an overnight fire at a home in New York City, and the twin of one of the children has survived.
  • Woman killed in NYC home in front of 2 children

    Woman killed in NYC home in front of 2 children

    Sunday, April 20 2014 5:01 PM EDT2014-04-20 21:01:11 GMT
    A woman was shot and killed inside her Ozone Park home and her husband is now under arrest. Authorities say retired NYPD officer Kevin Canty shot and killed his wife in front of their two young children in Queens Saturday morning.
    A woman was shot and killed inside her Ozone Park home and her husband is now under arrest. Authorities say retired NYPD officer Kevin Canty shot and killed his wife in front of their two young children in Queens Saturday morning.
  • Boxer Rubin 'Hurricane' Carter dies at 76

    Boxer Rubin 'Hurricane' Carter dies at 76

    New Jersey NewsNew Jersey News
    Rubin "Hurricane" Carter, the boxer whose wrongful murder conviction became an international symbol of racial injustice, has died at 76.
    Rubin "Hurricane" Carter, the boxer whose wrongful murder conviction became an international symbol of racial injustice, has died at 76.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices