Kroger Buys Harris Teeter for ~$2.5 Billion

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Deal of the Week: Kroger buys Harris Teeter for ~$2.5 billion Announcement Date July 9, 2013 Acquirer The Kroger Co (NYSE:KR) Acquirer Description Kroger operates as a retailer in the United States Founded in 1883 and based in Cincinnati, Ohio Target Harris Teeter Supermarkets (NYSE:HTSI) Target Description Harris Teeter engages in the operation of a regional chain of supermarkets in the southeastern and mid-Atlantic United States Founded in 1891 and headquartered in Charlotte, North Carolina Target Financial Stats Mkt Cap: $ 1.8 billion LTM EBITDA: $ 311.9 million EV: $ 1.9 billion EV/LTM EBITDA: 6.0x LTM Revenue: $4.6 billion LTM P/E: 19.4x Price / Consideration Price: $2.5 billion Consideration: Cash Buyer / Target Advisor Bank of America Merrill Lynch JP Morgan Rationale Harris Teeter brings to Kroger an exceptional brand and complementary base of 212 stores located primarily in high-growth markets, vacation destinations and university communities Kroger said it believes it can cut costs by upwards of $50 million annually over the next three to four years, largely due to the benefits of the buyer's larger scale Of Note Kroger on Tuesday, July 9, said it would acquire Harris Teeter for approximately $2.5 billion in cash and assumed debt, valuing the target at about 8.0x EBITDA Terms of the deal call for Cincinnati-based Kroger to pay $49.38 per share in cash for Harris Teeter, and assume outstanding debt of approximately $100 million The transaction price represents a premium of 33.7% to the Harris Teeter closing share price on January 18, 2013, the day of the first media report that Harris Teeter was evaluating strategic alternatives Kroger intends to continue its quarterly dividend and share repurchase program while managing free cash flow to reduce the leverage taken on from this merger Kroger expects to allocate some free cash flow to debt reduction to re- establish and maintain its 2.0x – 2.2x net debt to EBITDA ratio over the next 18-24 months Including the effect of allocating some free cash flow to debt reduction, Kroger expects net accretion to earnings per diluted share in the range of $0.06 – $0.09 in the first full year after the merger This is Kroger's largest deal since its 1998 acquisition of Portland, Ore.- based Fred Meyer for $12 billion © Pillars of Wall Street 2013 www.pillarsofwallstreet.com .

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News Release
News Release Kroger Bringing Help and Hope for the Holidays CINCINNATI, Nov. 18, 2013 /PRNewswire/ -- Many families in need will have fresh, wholesome food and clothing, shelter and social services this holiday season thanks to The Kroger Co. (NYSE: KR) customers and associates who shop and work at its family of stores. "Kroger has a proud history of investing in our communities and a rich tradition of bringing help and hope for the holidays," said Lynn Marmer, Kroger'sgroup vice president of corporate affairs. "In keeping with that tradition, we are making it easy for our customers and associates to support their local food banks and The Salvation Army's Red Kettle Campaign in our family of stores this holiday season." Feeding Hungry Neighbors As a founding partner of Feeding America, the nation's largest domestic hunger agency, Kroger has been engaged in the hunger relief effort for more than 30 years. Today, the Kroger family of stores has longstanding relationships with more than 80 local food banks. This holiday season, customers can help, too, thanks to a variety of simple donation opportunities. Making a financial donation to a local food bank is as easy as scanning a pre-marked tag at registers, asking the cashier to 'round up' a grocery order, or place spare change in specially-marked coin boxes at Kroger, City Market, Dillons, Baker's, Gerbes, Food 4 Less, Fred Meyer, Fry's, QFC, Ralphs, and Smith's stores. Major food drives will be held at many Kroger stores in Illinois, Indiana, Kentucky, Louisiana, Michigan, North Carolina, Ohio, Tennessee, Texas, Virginia andWest Virginia; Fred Meyer stores in Alaska, Idaho, Oregon and Washington; and in City Market, Dillons, Baker's, Gerbes, King Soopers and Smith's stores.
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