Dollar Tree, seeking federal regulators’ approval of its plan to buy Family Dollar Stores, agreed to sell 330 of the target company’s stores to alleviate concerns that the combination would hurt competition.
The sale to Sycamore is contingent on Federal Trade Commission approval of the Family Dollar takeover, Chesapeake, Virginia-based Dollar Tree said Friday in a statement. Dollar Tree said it expects to close the acquisition in early July.
Family Dollar’s investors approved the almost $9 billion transaction in January after a six-month saga that featured a higher offer from Dollar General. While Dollar Tree had said its bid would more easily clear antitrust hurdles, the completion date was delayed multiple times as the retailer worked with regulators and other parties.
Bloomberg News, edited by ESM
