Blockbuster retail deal in Canada
One of the largest grocers in Canada has just expanded its presence in the drugstore business.
Metro Inc., the third largest food retailer in Canada, on Monday announced a deal to acquire the Jean Coutu Group, which operates more than 400 pharmacies, for $3.6 billion. The deal creates a combined food and pharmacy retailer with annual sales of $12.8 billion, and an overall network of more than 1,300 stores in Canada, with 677 drug stores.