Chesapeake, VA–Dollar Tree is acquiring rival discount retailer Family Dollar in an $8.5 billion cash and stock deal. The merger will create an $18 billion, 13,000-store chain covering 48 states and five Canadian Provinces.
“This is a transformational opportunity,” said Dollar Tree CEO Bob Sasser. “We will continue to operate under the Dollar Tree, Deals, and Dollar Tree Canada brands, and when this transaction is complete, we will operate under the Family Dollar brand as well.”
Sasser added that Family Dollar CEO Howard Levine will stay on and report to him.
“Today’s announcement represents the successful culmination of a comprehensive strategic review process that our board of directors, working with its financial and legal advisors, began this past winter,” said Levine. “While this assessment of alternatives included consideration of a number of potential partners, we are pleased to conclude this process with the announcement of this compelling transaction with Dollar Tree, which our board has unanimously determined to be in the best interests of our shareholders.”
Dollar Tree operates fewer stores than Family Dollar—5,080 to Family Dollar’s more than 8,000—but it covers more area. Dollar Tree is in 48 states and Canada; Family Dollar is in 46 U.S. states.
With the merger, the 11,000-store Dollar General chain will no longer be the largest discount retailer in the U.S.
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