The Kroger Co. (NYSE:KR) has announced that it has acquired online retailer Vitacost.com, Inc. (NASDAQ:VITC) for $280 million. Kroger will add a new channel for selling nutrition and healthy-living products. The deal is worth $8 per share for Vitacost.com.
The deal has been approved by both brands and holders of 26% of Vitacost’s shares. The bid is a 51% premium to Vitacost’s closing on February 19th, which is one day before one of its investors publicly asked it to seek strategic alternatives.
Based in Cincinnati, Kroger has boosted revenue by selling more organic food using the Simple Truth brand. Vitacost generated $382.7 million in revenue last year by selling nutritional products.