Kroger spends $1.65 billions to acquire Giant Eagle and expand its supermarket business

Golden Ten Data, July 2 — Kroger has agreed to acquire food and pharmacy retailer Giant Eagle for $1.65 billion to expand its supermarket business into new markets. Kroger will pay $1.25 billion in cash and assume about $400 million in debt. Giant Eagle operates 197 supermarkets and 11 standalone pharmacies, with annual sales of approximately $9 billion. Kroger expects the acquisition to be accretive to adjusted earnings per share by 2027, subject to regulatory approval.