Family Dollar sale to Dollar Tree set to close today

Dollar Tree is expected to complete its purchase of Family Dollar today, drawing to a close a yearlong bidding war that included another takeover attempt from another discount retailer, Dollar General.

Federal regulators last week approved the $8.5 billion sale, according to the Charlotte Observer.

As part of the agreement, Dollar Tree will sell 330 Family Dollar stores to New York-based Sycamore Partners within 150 days of the deal’s close. The firm said in May it plans to operate the divested stores under the banner Dollar Express.

Remaining Dollar Tree stores would keep their names intact, according to the report.

Read more from the Charlotte Observer.