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Dollar Tree Inc. has completed its acquisition of Family Dollar Stores Inc., the companies said today.
The deal, which was first unveiled almost a year ago, creates a combined company that now operates more than 13,000 stores in 48 states and five Canadian provinces, with sales exceeding $19 billion. As PG previously reported, Family Dollar will divest 330 stores to private equity firm Sycamore Partners, as part of the FTC's review process.
"This is a transformational opportunity for our business to offer broader, more compelling merchandise assortments, with greater values, to a wider array of customers," said CEO Bob Sasser. "This acquisition will extend our reach to low-income customers, while strengthening and diversifying our footprint."
Additionally, Gary Philbin has been named as president and COO of Family Dollar, reporting to Sasser. Philbin joined Dollar Tree as SVP of stores in December 2001, and was later promoted to COO in March 2007 and to president in June 2013. Family Dollar CEO Howard R. Levine has been appointed to Dollar Tree's board of directors, effective immediately.
"Our focus as an organization will be on the customer - by consistently providing great values, affordable prices, and relevant items in a store environment that is convenient, clean, reliable and efficient," Philbin said. "We are well-prepared for the integration process, which is now under way."
The year-long acquisition between the discounters was not without its bumps in the road, with competing company Dollar General attempting a $9.1 billion hostile takeover bid of Matthews, N.C. -based Family Dollar, last fall.