Costco Wholesale, Inc. (NASDAQ:COST) has reached a $6-billion agreement to buy Rite Aid Inc. for $6,873.4 billion.
The deal, which is expected to close in the second quarter of 2019, is expected for approval this month by U.S. regulators.
The combined company will employ more than 3,000 full-time associates in more than 60 countries, according to the announcement.
The $6 trillion transaction, which also includes Walmart, Target Corp. (NYSE:TGT), Home Depot Inc. and other retailers, is a merger of the largest U.K. pharmacy chain with the largest Canadian drugstore chain.
The deal will bring more than 7,000 jobs to the U..
S., according to an analysis from The Wall Street Journal.
Shares of Rite Aid rose nearly 8% to $58.11.
Costco’s stock gained 3%.
Rite Aid said it will use the combined company’s technology to better provide better care for its customers.
“The combination will significantly accelerate the delivery of new and expanded services and products to consumers, which will benefit us all,” the company said in a statement.
The combined company said it plans to create more than 800 new jobs.
The transaction is expected give the company more than $3.2 trillion in annual revenue and create more U.A.I. jobs in the U, the company added.
The company also said it expects the deal to have a positive impact on its global revenue.
Rite’s stock is down nearly 8%.