Cincinnati-based Kroger is taking over Harris Teeter Supermarkets in a transaction valued at about $2.5 billion. The merger means Kroger will buy all outstanding shares of Harris Teeter for $49.38 per share in cash.
Harris Teeter has 212 stores in the southeastern and mid-Atlantic markets and in Washington, D.C. Those stores will maintain the Harris Teeter brand name. The company posted revenues of approximately $4.5 billion for the 2012 fiscal year.
In a release, Kroger Chairman and Chief Executive Officer David B. Dillion says: