The announcement comes at a time when rival pharmacy chains are also looking at mergers. Drug distributor AmeriSourceBergen is looking at buying Walgreens, and CVS and Aetna are seeking to merge.
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Albertsons said it will continue to run Rite Aid stand-alone stores, and most of the grocery operator’s pharmacies will be rebranded as Rite Aid. Albertsons also runs Jewel-Osco, Shaw’s, Vons and Acme stores.
The companies say the deal should close in the second half of this year, but regulators and Rite Aid shareholders still have to approve it, according to AP.
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