The Kroger Co. and Harris Teeter Supermarkets IN.C. today annouN.C.ed that the merger transaction between the two companies was completed on Jan. 28. Under the terms of the merger agreement, Harris Teeter shareholders will receive $49.38 per share of Harris Teeter common stock.
"We are pleased that our merger is complete and look forward to bringing together the best of Kroger and Harris Teeter to benefit our customers, associates and shareholders," said W. Rodney McMullen, CEO of Kroger. "This merger brings the exceptional Harris Teeter brand and a complementary base of stores in attractive markets to the Kroger family. We have long respected Harris Teeter's customer orientation, friendly and professional associates, strong management team, and company values — which are consistent with ours. Together, through our customer-first strategy, we are going to be an outstanding combination."
The transaction allows Kroger to expand with the prestigious Harris Teeter brand and a base of 227 stores in the fast-growing and attractive southeastern and mid-Atlantic markets and in Washington, D.C. Harris Teeter also operates distribution centers for grocery, frozen and perishable foods in Greensboro, N.C., and Indian Trail, N.C., and a dairy facility in High Point, N.C. Harris Teeter will continue to operate its stores under the Harris Teeter brand name as a subsidiary of The Kroger Co. Harris Teeter had revenues of $4.7 billion for fiscal year 2013.
Read more about supermarkets and grocery stores.