Grocery chain Kroger announced Wednesday it has reached a $1.65 billion agreement to acquire Giant Eagle's 197 stores and 11 standalone pharmacies. File Photo by Erik S. Lessser/EPA
July 1 (UPI) -- Grocery chain Kroger announced Wednesday it has reached a $1.65 billion agreement to acquire regional chain Giant Eagle.
The Kroger Co. issued a news release revealing it reached a "definitive agreement" to purchase Giant Eagle's 197 supermarkets and 11 standalone pharmacies in Ohio, Pennsylvania, West Virginia, Maryland and Indiana.
The agreement, unanimously approved by Kroger's Board of Directors, amounts to $1.25 billion in cash consideration and about $400 million in outstanding liabilities.
The deal must now obtain required regulatory clearance, and Kroger expects the acquisition to be completed in 2027.
