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Kroger to Purchase Harris Teeter for $2.5 Billion

Daniel Acker/Bloomberg via Getty Images(NEW YORK) -- Supermarket giant Kroger has agreed to buy the regional grocery chain Harris Teeter in a deal the companies say is valued at approximately $2.5 billion.

Kroger is already America's number one supermarket chain and this purchase of Harris Teeter will give the company a stronger presence in the Southeast and Mid-Atlantic states.

With Wal-Mart making a bigger push into groceries, Kroger is looking to cut costs.

The merged company will have more than 2,600 supermarkets in 34 states and Washington, D.C.

Copyright 2013 ABC News Radio

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