Grocer Albertsons Cos. will buy drugstore chain Rite Aid Corp. in a deal that would accelerate the remaking of the U.S. retail and health-care industries.
The takeover serves several purposes. Rite Aid will get a buyer after a failed merger with another chain last year. Albertsons will add new locations and size amid increasing pressure from online competitors. And the grocer's private-equity owners will exit their 2013 investment without having to go through an initial public offering in a turbulent market.
The combined companies will have about 4,900 stores, including 4,350 pharmacy locations, in 38 states, they said in a statement. The Albertsons pharmacies will be rebranded under the Rite Aid name.
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