Dollar Tree officials announced on Monday that they have finalized their purchase of Family Dollar, a North Carolina-based variety store chain.
Although Dollar Tree representatives have been in talks with their Family Dollar counterparts about acquisition plans for almost a year, the deal has experienced bumps in the road. These include offers from competitor Dollar General and lawsuits from several state authorities intended to oppose the merger.
Now that the deal has been confirmed, Dollar Tree officials are required by federal law to sell 330 Family Dollar locations in order to comply with antitrust laws.
"These stores are located across Pennsylvania in both small towns and in our larger cities and suburbs," Pennsylvania Attorney General Kathleen G. Kane told Fox 43, who believes the sale of the 330 locations will help maintain a competitive market in her home state.
"We wanted to ensure there would be competition in these areas and that consumers were being offered the best prices and merchandise."
Family Dollar shareholders are expected to receive $59.60 in cash in addition to one-fourth of a Dollar Tree share for each Family Dollar share in their position, the Charlotte Observer reports. The deal is priced at approximately $9.1 billion.
Dollar Tree was founded in 1986 in Norfolk, Virginia.
