The Federal Trade Commission has cleared the way for J.C. Penney to sell the mail order unit of its Eckerd drugstores unit to CVS Corp. and the remainder of Eckerd to Canadian firm Jean Coutu Group Inc. for a total of $4.53 billion, according to wire service reports.
CVS will get Eckerd’s mail order business and about 1,260 drugstores for $2.15 billion. It plans to rename the stores. Jean Coutu will get 1,539 stores for $2.38 billion and plans to keep the Eckerd name.
Penney expects to close the deals by July.
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