Dive Summary:

• Based on reports from Retailing Today, the Canadian retail company Loblaw has reached an agreement to purchase a controlling interest in Shoppers Drug Mart.
• The deal between the two companies is reportedly worth "C$12.4 billion in cash and stock." Loblaw will take control of all Shoppers Drug Mart locations, and should be finalized within six to seven months.
• "We are delighted to partner with Loblaw to leverage our combined strengths,” states Domenic Pilla, CEO of Shoppers Drug Mart.

From the article:

... For our associate-owners and employees, who are a valued part of the equation, it provides the opportunity to pursue rewarding careers as we grow together. And for our customers, it provides more locations with an enhanced mix of products and offerings that contribute to the good health of Canadians,” stated Domenic Pilla, president and CEO of Shoppers Drug Mart. ...