(Danvers Patch) – Massachusetts and 16 other states have reached a settlement with Dollar Tree, Inc., following their review of the company’s proposed acquisition of Family Dollar Stores, Inc., according to Massachusetts Attorney General Maura Healey.
The proposed merger combines two large national chains of deep discount stores. The deal is worth $8.5 billion.
In a settlement, filed in conjunction with a lawsuit in the federal district court for the District of Columbia, Dollar Tree will divest more than 300 Family Dollar stores nation-wide to a new competitor in order to complete the acquisition.
All of the affected stores, 21 of which are located in Massachusetts, will be sold and re-branded as Dollar Express stores, a new chain that will be launched by Sycamore Partners.