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Kroger Buys Giant Eagle for $1.65B | Business and Finance News
Description
Kroger is pulling off a blockbuster $1.65 billion deal to buy Giant Eagle, a regional grocer with nearly 200 supermarkets and pharmacies across Ohio and Pennsylvania. Kroger’s CEO, a former Walmart exec, calls it a strategic fit, praising Giant Eagle’s fresh food and loyal customer base. The purchase includes $1.25 billion in cash and $400 million in debt. To clear regulatory hurdles, both companies expect to sell some Giant Eagle stores. The merger is slated to close next year, shaking up the grocery landscape — even as Kroger’s stock dipped slightly before markets opened, a common reaction to major financial moves.
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