Kroger plans to finance the entire transaction with cash while maintaining its target net total debt to adjusted EBITDA ratio of 2.3 to 2.5x.
Giant Eagle leadership welcomed the deal.
“Today's announcement marks an exciting next chapter for our Team Members, customers, vendors and community partners,” said Bill Artman, Giant Eagle's CEO.
Artman noted the partnership will help stabilize supply chains and improve consumer experiences across existing store networks.
“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, while providing greater growth opportunities for our dedicated Team Members,” Artman said.
Kroger intends to introduce its Zero Hunger | Zero Waste initiative to the newly acquired communities.
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RBC Capital Markets advised Kroger on the transaction, while Wells Fargo advised Giant Eagle.
