Dollar Tree Inc. has completed its acquisition of Family Dollar Stores Inc. nearly one year after the two companies first agreed to combine.

Gary Philbin, previously president and chief operating officer of Dollar Tree, has been named to the same position at Family Dollar. Bob Sasser, chief executive officer of Dollar Tree, remains in that post.

Under terms of the transaction, Family Dollar shareholders are entitled to receive $59.60 in cash and just under 0.25 percent of a share of Dollar Tree common stock for each share of Family Dollar stock held, for a total consideration of about $8.5 billion.

“This is a transformational opportunity for our business to offer broader, more compelling merchandise assortments, with greater values, to a wider array of customers,” Sasser said. “This acquisition will extend our reach to low-income customers while strengthening and diversifying our footprint.

“We plan to leverage best practices across both organizations to deliver significant cost synergies,” he continued. “Combined, our growth potential is enhanced with improved opportunities to increase store productivity and to open more stores across multiple banners.”

The fight to bring the two companies together was marked by a bidding war, in which dollar-store rival Dollar General’s higher bid, dating back to August, was rejected on the basis of antitrust concerns.

The deal still faced Federal Trade Commission scrutiny based on the possible anticompetitive possibilities of the business combination, but the FTC agreed to a plan to settle complaints about those concerns on Thursday based on Sycamore Partners’ plan to acquire 330 Family Dollar stores and operate them under the Dollar Express banner. Divestiture of the stores bought by Sycamore is required within 150 days of today’s closing of the acquisition.

The combined dollar-store entity will have more than 13,600 stores, sales in excess of $19 billion and more than 145,000 associates. The company, which intends to maintain both nameplates, said it expects about $300 million annual run-rate synergies to be fully realized within three years.

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