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The Ratings Game: Kroger paid too much for meal kit company Home Chef, analysts say

With a price tag that could reach $700 million, Kroger Co. overpaid for meal-kit company Home Chef, UBS analysts wrote in a Friday note.

The deal, announced in May, called for $200 million initially and up to $700 million when Home Chef reaches performance targets. Home Chef was the largest private meal-kit company in the U.S., according to The Wall Street Journal.

“Customers want convenience, simplicity and a personalized food experience,” said Kroger KR, +3.34% Chief Executive W. Rodney McMullen on the Thursday earnings call. “Our planned merger with Home Chef will accelerate our ability to deliver exactly this.

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