By Amaya Nichole
Source: Inc.
Nearly two years after its $24.6 billion merger with Albertsons collapsed in court, Kroger is attempting to buy another grocery chain.
The grocery giant announced this week a definitive agreement to acquire Giant Eagle, a family-owned grocery and pharmacy chain with approximately $9 billion in annual sales.
Giant Eagle operates 197 supermarkets and 11 standalone pharmacies across Ohio, Pennsylvania, West Virginia, Maryland, and Indiana. The deal has been unanimously approved by Kroger’s board of directors, is expected to close next year, and will cost Kroger $1.65 billion, with $1.25 billion paid upfront in cash and the remaining $400 million coming in the form of Giant Eagle’s existing debts.