Rite Aid Buys Drug Store Chains From Canadian Group

Rite Aid is purchasing the Eckerd and Brooks drug store chains from Canadian investment group Jean Coutu Group. The US$2.55B deal (cash and stock) will see the new stores (totalling nearly 1900 in 18 states) renamed to Rite Aid. Even with the acquisition, Rite Aid will still be behind the Walgreen and CVS drugstore chains in total yearly revenues. [via USA Today]