Harris Teeter’s 212 stores in the southeastern and mid-Atlantic markets, including Washington, D.C., give Kroger more than 2,600 stores in the U.S. in 34 states and the District of Columbia.
The deal is worth $2.5 billion, according to a news release. The terms were approved by the board of directors of both companies.
Harris Teeter has been looking for a buyer since early this year. The deal includes the company’s distribution centers for grocery, frozen and perishables in Greensboro, N.C., and Indian Trail, N.C.
Following closing of the transaction, Harris Teeter will continue to operate as a subsidiary of The Kroger Co., led by the company’s management, according to the release, and there are no plans to close stores.
Harris Teeter’s headquarters remains in Matthews.
“This is a financially and strategically compelling transaction and a unique opportunity for our shareholders and associates,” said Kroger chairman and chief executive officer David Dillon, in a news release.
“We are excited about becoming part of The Kroger Co., one of the best food retailers in the U.S. while maintaining the Harris Teeter Banner, our management teams, our new store growth plan, our distribution and manufacturing facilities in North Carolina as well as our headquarters in Matthews, N.C.,” said Thomas Dickson, chairman of the board and chief executive officer of Harris Teeter, in a news release.