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Wednesday, May 2, 2018

Kwik Shop Sell Complete

PRNewswire


CINCINNATI, OH - The Kroger Co. (NYSE: KR) which owns Dillons, announced last week that it had completed the sale of its convenience store business unit, including the Kwik Shops in Kansas,  to EG Group for $2.15 billion.

After-tax proceeds total $1.7 billion. $1.2 billion of the proceeds will be used to fund an accelerated share repurchase ("ASR") program.
"Throughout the sales process, we have been impressed with EG Group's professionalism, commitment to people, and understanding of the U.S. convenience retail market," said Mike Schlotman, Kroger's executive vice president and chief financial officer. "I can't stress enough how important to our success Kroger's convenience store management and associates have been, and we want to thank them for all of their contributions to our customers and our company."
Kroger announced in October 2017 its intention to explore strategic alternatives for its convenience store business, including a potential sale, in conjunction with Restock Kroger. In February, Kroger and EG Group announced a definitive agreement for the sale of Kroger's convenience store business unit to EG Group.
The Transition Services Agreement (TSA) Kroger has in place with EG Group will not have a material effect on the company's 2018 results, nor will it have any effect on Kroger's 2018 net earnings per diluted share guidance. The TSA covers a variety of services for varying lengths of time.
Included in the sale were 762 convenience stores, including 66 franchise operations, operating in 18 states and employing 11,000 associates under the following banner names: Turkey Hill, Loaf 'N Jug, Kwik Shop, Tom Thumb and Quik Stop. Kroger's supermarket fuel centers and its Turkey Hill Dairy were not included in the sale. EG Group will establish their North American headquarters in Cincinnati, Ohio and continue to operate stores under their established banner names.

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