Jean Coutu, Rite Aid deal may close June 4

CAMP HILL, Pa. and LONGUEUIL, Quebec The Jean Coutu Group and Rite Aid announced Thursday that the deal in which Rite Aid would acquire the Brooks and Eckerd drugstore chains from Jean Coutu may close as early as June 4, pending final regulatory approval by the Federal Trade Commission and satisfaction of customary closing conditions. The acquisition includes approximately 1,850 Brooks and Eckerd stores and six distribution centers, primarily located on the East Coast and in the Mid-Atlantic states.

As previously announced, Rite Aid has reached agreement with the FTC staff to divest 24 stores. The agreement with the staff is subject to approval by the FTC Commissioners, which Rite Aid expects to obtain. While Rite Aid previously announced it expected to close the transaction by June 1, the company said completing the process is taking longer than the company anticipated.

With the acquisition, Rite Aid will be the largest drugstore chain on the East Coast and with more than 5,000 stores achieve scale similar to its major drugstore competitors.