CALGARY — Edmonton-based Katz Group has agreed to sell the Rexall Health drugstore chain, including its 470 retail pharmacies, in a C$3-billion deal with San Francisco-based health care company McKesson.

McKesson says the friendly deal is the next natural step to take between the two companies, which have worked together for 20 years.

Katz Group is one of Canada's largest privately owned enterprises, with operations in the pharmacy, sports & entertainment, and real estate development sectors. Founder Daryl Katz is the owner of the Edmonton Oilers.

More to come...