00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Kroger said Wednesday it will buy supermarket chain Giant Eagle in a $1.65 billion deal,
00:08as it looks to expand amid intense competition in the grocery sector, according to CNBC.
00:13The deal follows Kroger's failed $25 billion merger with Albertsons in 2024, which courts
00:20blocked. Kroger said the transaction includes $1.25 billion in cash and the assumption of
00:26about $400 million in Giant Eagle liabilities. Giant Eagle operates about 197 supermarkets
00:33and 11 standalone pharmacies across Northern Ohio, Western Pennsylvania, West Virginia,
00:39Maryland, and Indiana. Kroger operates about 2,700 supermarkets and multi-department stores
00:45and about 2,200 pharmacies across 35 states. Kroger expects the deal to boost adjusted profit
00:53in the second full year after it closes in 2027. Shares fell about 2% in pre-market trading.
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