Kroger's Acquisition of Harris Teeter to Be Complete by End of January
Kroger's $2.5 billion acquisition of the Harris Teeter supermarket chain will be complete by the end of January, the Cincinnati-based company has announced.
The Federal Trade Commission (FTC) granted the early termination of a waiting period mandated by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) that had been delaying the merger since it was announced in July 2013.
The early termination of the HSR waiting period satisfies one of the conditions to the closing of the pending merger between the two supermarket chains, which remains subject to other customary closing conditions.
On July 9, 2013, Kroger and Harris Teeter announced a definitive merger agreement, which was approved by the Boards of Directors of both companies. On October 3, 2013, Harris Teeter shareholders overwhelmingly approved of the merger agreement.
Kroger said in July that there are no plans to close Harris Teeter stores, which will continue to operate under the Harris Teeter name.
Harris Teeter operates 212 stores in the Southeast, including 136 in North Carolina. Kroger, meanwhile, operates about 10 times that number of stores under more than a dozen names in 31 states.