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BOISE, Idaho - Albertson's Inc. today said that it will sell 80 of its Osco Drug stores in New England to privately held Maxi Drug Inc., which does business as Brooks Pharmacy, for $240 million, The Associated Press reports. The deal, subject to government review, is expected to close in January.
The stores to be sold are located in Maine, Massachusetts and New Hampshire.
Brooks Pharmacy, based in Warwick, R.I., is the oldest drug store chain in New England, with annual revenues of more than $1 billion, according to the AP. The company has more than 5,000 employees and operates 250 stores in six states.
"The acquisition represents a significant opportunity to enter the important Boston market and to expand our presence in southern New Hampshire," said Michel Coutu, president and CEO of Brooks Pharmacy. "Boston represents an excellent strategic fit, which will complement our existing stores."