(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
Ahiza Garcia, CNN
Brian Stelter, CNN Money
Sara Weber, Deseret News