Kroger To Acquire Food And Pharmacy Chain Giant Eagle For $1.65B, Comprising $1.25B In Cash And Assumption Of ~$400M Of Liabilities

The Kroger Co. (NYSE: KR ) and Giant Eagle, Inc. ("Giant Eagle") today announced a definitive agreement under which Kroger will acquire Giant Eagle, a leading family-owned food and pharmacy retailer with approximately $9 billion in annual sales and 197 supermarkets and 11 standalone pharmacies across northern Ohio, western Pennsylvania, West Virginia, Maryland and Indiana. The transaction has been unanimously approved by Kroger's Board of Directors. With a purchase price of $1.65 billion, comprised of $1.25 billion in cash consideration and the assumption of approximately $400 million in outstanding liabilities, this transaction is consistent with Kroger's disciplined approach to capital allocation and its focus on acquisitions where the company can create clear value for customers, associates and shareholders. A strong strategic fit "Giant Eagle is a well-run, high-quality regional g...