Jean Coutu sells its US pharmacy chains to Rite-Aid for US$3.4 billion

On August 24, 2006, Rite Aid Corporation and The Jean Coutu Group (PJC) Inc. announced that they had entered into a definitive agreement in which Jean Coutu's Brooks and Eckerd pharmacy chains in the US would be merged into Rite-Aid, in a transaction valued at US$3.4 billion. A team composed of Yvon Martineau, Gilles Leclerc and Marc Novello from Fasken Martineau in Montréal provided Canadian legal advice to Jean Coutu and its US counsel O'Melveny and Myers LLP in this transaction.