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CAMP HILL, Pa., Aug. 24 (UPI) -- Rite Aid Corp., the No. 3 U.S. drug store company behind CVS Corp. and Walgreen Co., is buying a Canadian group's 3,317 U.S. outlets.
The Jean Coutu Group Inc. of Quebec is owns 337 Brooks stores and 1,521 Eckerd stores plus six distribution centers, located primarily on the East Coast and in the mid-Atlantic states, Rite Aid said Thursday.
The cash-and-stock deal, worth $3.4 billion including debt assumption, boosts Rite Aid's total stores to about 5,100, making it a closer third to its larger U.S. rivals.
Jean Coutu shareholders will own 32 percent of the new entity, which will still be run from its Pennsylvania headquarters.
Mary Sammons will continue to lead Rite Aid as chief executive while also becoming chairman of the Rite Aid board. Michel Coutu, currently president of The Jean Coutu Group's U.S. operations, will become co-chairman of Rite Aid's board. The Jean Coutu Group will name three other independent members to a 14-person Rite Aid board.
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