Dollar Tree (NASDAQ:DLTR) has announced the impending sale of about 340 Family Dollar (NYSE:FDO) stores as it works to complete its acquisition of the competing discount retailer, which is expected to happen in May.
The Federal Trade Commission is almost finished with its review of the $8.5 billion acquisition. In order to abide by anti-trust laws, Dollar Tree had to agree to sell 340 specific Family Dollar locations, which total about $47.4 million in operating income, reported The State.
Currently Dollar Tree operates 5,300 stores and Family Dollar operates about 8,100.
Dollar Tree began its quest to acquire Family Dollar back in July. Immediately, competitor Dollar General (NYSE:DG) jumped in to try and scoop up the company by offering $80 per share, in cash. But ultimately, Dollar General's offer was rejected and stockholders approved a merger with Dollar Tree.
Dollar Tree originally anticipated divesting about 300 stores.
-See this The State article
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