J.C. Penney Co., Inc. has agreed to sell its Eckerd drugstores to two competitors for nearly $4.5 billion.

CVS Corp., the No. 2 drugstore chain, will pay about $2.1 billion for 1,260 stores, mostly in Florida and Texas. The Jean Coutu Group, a Canadian drug store chain, will acquire 1,539 stores in the Northeast and mid-Atlantic states, as well as the Eckerd Home Office in Florida, for about $2.3 billion.

The deal ends a six-month auction that will leave J.C. Penney flush with cash for its core operations. The deal is expected to generate about $3.5 billion in cash proceeds for J.C. Penney, according to news reports.

J.C. Penney Co., Inc. has agreed to sell its Eckerd drugstores to two competitors for nearly $4.5 billion.

CVS Corp., the No. 2 drugstore chain, will pay about $2.1 billion for 1,260 stores, mostly in Florida and Texas. The Jean Coutu Group, a Canadian drug store chain, will acquire 1,539 stores in the Northeast and mid-Atlantic states, as well as the Eckerd Home Office in Florida, for about $2.3 billion.

The deal ends a six-month auction that will leave J.C. Penney flush with cash for its core operations. The deal is expected to generate about $3.5 billion in cash proceeds for J.C. Penney, according to news reports.