Calgary-based Katz Group has agreed to sell the Rexall Health drugstore chain, including its 470 retail pharmacies, in a C$3-billion deal with U.S. health care company McKesson.
McKesson says the friendly deal is the next natural step to take in the relationship between the two companies, which have worked together for 20 years.
The San Francisco-based firm previously acquired Katz's independent outlets and franchise businesses _ primarily operating as I.D.A. and Guardian _ for about C$920 million in 2012.
McKesson Canada _ which was founded more than 100 years ago _ says it would have about 13,000 employees after the Rexall deal closes.
The deal is expected to close later this year.
The companies say Rexall Health will continue to be led by its current management, headed by CEO Jurgen Schreiber.