Emerson Health has announced a $1.2 billion deal with JCPenney to merge the two largest retail brands in the world.
The transaction will combine Emerson with JCC, the largest independent chain of discount stores in the U.S.
The deal was approved by the Federal Trade Commission, which said Emerson had violated the federal consumer protection law.
The merger, if approved, will create Emerson Health as the largest pharmacy retailer in the country.JCPenneys was the first to announce plans to merge with Emerson in December, following a year of negotiations.
The two companies have been under antitrust scrutiny since the Trump administration announced a series of moves aimed at preventing companies from merging with each other.
C Penney, which is owned by JCPensons parent company JCP, will acquire Emerson for $1 billion, according to a person familiar with the matter.
JCP and Emerson are already in a long-term agreement.JCC and Emerson had a merger that closed last year.
The merger would add to the size of the company, which has more than 4 million stores and is a unit of JCPesons parent conglomerate JCP Holdings.
J. C. Penneys is currently ranked as the No. 3 store chain in the nation.