Monday, June 04, 2007

Jean Coutu closes deal to sell U.S. pharmacies

From the Toronto Star:
Jean Coutu Group (TSX: PJC.A) officially announced Monday that it had closed a US$3.9 billion deal to sell U.S. Brooks and Eckerd pharmacies and distribution centres to Rite Aid.

The Quebec-based company received US$2.36 billion in cash and 250 million shares of Rite Aid common stock that provide about 32 per cent common equity interest in the U.S. giant.

"The completion of this transaction is a transformational event for the shareholders of The Jean Coutu Group," pharmacy chairman Jean Coutu said in a news release. ...more

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