published on March 2, 2016 - 9:21 PM
Written by The Business Journal Staff

(AP) — Prescription drug distributor McKesson Corp. is buying Canadian pharmacy operator Rexall Health from Katz Group for $2.2 billion, strengthening McKesson’s Canadian pharmaceutical supply chain.

The deal would be worth about $1.9 billion after tax benefits. It is expected to close late this year.

San Francisco-based McKesson will acquire about 470 of Rexall’s retail pharmacies, bolstering its Canadian operations and bringing the number of employees at its Canadian unit to 13,000.

Shares in McKesson rose almost 2 percent in afternoon trading.

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