Ouch. That hurts. Wisconsin is losing another corporate headquarters.
In a seismic shift for the already hyper-competitive Milwaukee-area market, national grocery giant Kroger Co. plans to acquire Roundy’s Inc., the local operator of Pick ’n Save, Metro Market and, in Chicago, Mariano’s Fresh Market.
Milwaukee-based Roundy’s (NYSE: RNDY) announced the move in its quarterly earnings release early Wednesday. Cincinnati-based Kroger (NYSE: KR) is prepared to acquire the company for a purchase price of $3.60 per share in cash, in an $800 million deal that includes the assumption of $646 million Roundy’s debt. The transaction is expected to close by the end of the year.