CINCINNATI — Kroger has agreed to acquire Giant Eagle for $1.65 billion, the company announced on Wednesday.
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Kroger’s Board of Directors has unanimously approved the transaction.
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Greg Foran, Chief Executive Officer at Kroger, highlighted Giant Eagle as a “well-run, high-quality regional grocer with a strong reputation.”
The family-owned food and pharmacy retailer has approximately $9 billion in annual sales and 197 supermarkets and 11 standalone pharmacies across northern Ohio, western Pennsylvania, West Virginia, Maryland and Indiana.
“We evaluated the opportunity carefully, and the strategic fit is clear. Giant Eagle expands our reach into attractive adjacent markets, allowing us to do what we do best: Run outstanding stores, deliver fresh foods and convenient meal solutions at affordable prices, and take care of our customers and associates every single day,” Foran said in a release.
The transaction is expected to close next year, subject to regulatory clearance and other customary closing conditions.
Kroger said it plans to implement programs, such as its Zero Hunger, Zero Waste campaign, to Giant Eagle locations once the deal is completed.
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