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NEW YORK - Rite Aid Corp. is near a deal to buy the Eckerd and Brooks drugstore chains from Canada's Jean Coutu Group Inc. for about $3.4-billion in cash and stock, according to a newspaper report.
Under terms being discussed, Rite Aid would pay about $1.5-billion in cash, with the rest in stock, the Wall Street Journal reported on its Web site Wednesday night, citing two people familiar with the matter.
The deal would add about 1,800 stores to Rite Aid's existing 3,300 locations, making Rite Aid a stronger rival to Walgreen Co. and CVS Corp. There are 6,171 CVS stores and 5,401 Walgreen stores, according to the companies' Web sites.
Brooks has about 330 locations in New England and New York.
Rite Aid, based in Camp Hill, Pa., and Quebec-based Jean Coutu Group declined to comment to the newspaper.
A Rite Aid spokeswoman did not immediately return a telephone call Wednesday night from the Associated Press.
Jean Coutu Group acquired the Eckerd chain in August 2004 from J.C. Penney Co. for $2.38-billion.