Albertsons Companies – which is based in Boise, Idaho, and owns Malvern-based Acme Markets and other grocery chains – is buying Rite Aid Corporation, the third-largest drugstore chain in the U.S., writes Joseph DiStefano in the Philadelphia Inquirer.

Rite Aid is based in Camp Hill, in central Pennsylvania.

If the deal is approved by regulators and Rite Aid shareholders, the combined company will operate 4,900 stores, including more than 2,000 stand-alone Rite Aids. Sales would total $83 billion a year, with profits of about $3.7 billion.

Officials at both companies said they are taking steps to reach shoppers online in the face of stiff competition. Today, more Americans are buying their medicine directly through online suppliers, including Amazon.

Chain pharmacies, including Rite Aid, grew by underpricing independent pharmacies. The big chains, however, have struggled to remain profitable, even after adding groceries, toys, and other consumer goods to their shelves.

Company officials also suggested that the store sites could be more valuable than grocery or drug sales. Together, they will own real estate appraised at more than $11 billion.

Acme was the dominant grocery chain in the Philadelphia area, but in recent years has lost market share to ShopRite, Wegmans, and others.

Read more about Acme Markets in the Philadelphia Inquirer by clicking here.