Kroger announced a $1.65 billion deal to acquire grocery chain Giant Eagle, which operates stores across the Midwest and Mid-Atlantic.
Giant Eagle, founded in 1931, is a family-owned food and pharmacy chain with 197 supermarkets and 11 standalone pharmacies across northern Ohio, western Pennsylvania, West Virginia, Maryland, and Indiana. It brings in approximately $9 billion in sales annually.
“Today’s announcement marks an exciting next chapter for our team members, customers, vendors and community partners,” Giant Eagle CEO Bill Artman said. “Together with Kroger, we will be well-positioned to advance our strategy and deliver better quality and service, better everyday value, and a better shopping experience for our customers.”
Kroger said the move strengthens its footprint in key markets. According to Kroger, Giant Eagle will keep its name and continue to operate under its current leadership. No stores will be rebranded.
“Giant Eagle is a well-run, high-quality regional grocer with a strong reputation for fresh products, pharmacy, private label, and customer loyalty,” Kroger CEO Greg Foran said in a prepared statement. “We evaluated the opportunity carefully, and the strategic fit is clear. Giant Eagle expands our reach into attractive adjacent markets, allowing us to do what we do best: Run outstanding stores, deliver fresh foods and convenient meal solutions at affordable prices, and take care of our customers and associates every single day.”
The transaction was unanimously approved by Kroger’s Board of Directors.
In Washington, Kroger already owns Fred Meyer and QFC.
This story was originally posted on MyNorthwest.com
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