Local News
12:02 pm
Tue July 9, 2013

Kroger Buying Harris Teeter Supermarkets

Kroger says it has agreed to buy Harris Teeter Supermarkets Inc. for about $2.44 billion in cash.

The deal was approved by both companies' boards.

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

The deal will increase the company’s presence from 31 to 34 states and the District of Columbia.