Cincinnati — The Kroger Co. has entered into a definitive agreement to purchase Harris Teeter Supermarkets, Inc. and its 212 southeastern and mid-Atlantic stores for $2.5 billion.
The combined entity will operate 2,631 supermarkets and employ more than 368,300 associates in 34 states and the District of Columbia, Kroger reports. Harris Teeter will act as a subsidy of Kroger and will continue to be led by Harris Teeter’s executive team in Matthews, NC, while Kroger will remain headquartered in Cincinnati.
The deal has since generated from backlash from Harris Teeter shareholders who say $49.38 per share undervalues the company. One law firm has filed suit on behalf of shareholders.