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Blue Apron Shares Rise After Home Chef Acquisition

Shares of meal kit delivery service Blue Apron rose nearly 4% Thursday, after supermarket chain Kroger announced that it agreed to buy Home Chef, a competing meal kit company. The deal is valued at $200 million, with additional earn-out payments of up to $500 million over five years. It’s the latest sign of consolidation in the industry, following acquisitions of Plated and Green Chef in the last year. Despite the boost from investors speculating on a buyout, Blue Apron shares are still 69% below its IPO price from last year. The company has been giving up market share to rivals as its sales decline.

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