The Kroger Co.
(NYSE:KR) said Wednesday it has agreed to acquire privately held Giant Eagle for $1.65 billion, including $1.25 billion in cash and the assumption of about $400 million in liabilities.
Following the announcement, the stock is trading lower during Wednesday's session.
Kroger Expands Regional Grocery, Pharmacy Footprint Giant Eagle operates 197 supermarkets and 11 standalone pharmacies across northern Ohio, western Pennsylvania, West Virginia, Maryland and Indiana, generating approximately $9 billion in annual sales.
Kroger said the acquisition will expand its footprint in adjacent markets and strengthen its grocery, pharmacy and digital capabilities.
