The integrated company will operate approximately 4,900 locations, 4,350 pharmacy counters and 320 clinics across 38 states and Washington, D.C., serving more than 40 million customers per week, Albertsons and Rite Aid said.
Joseph Enterprises and Joseph Pedott Advertising and Marketing, the parent companies of the products, will continue as normal with its headquarters remaining in San Francisco.
Retail sales fell 0.26% in January, the biggest decline in 11 months, but increased 5.4% year-over-year, according to the National Retail Federation.
CD&R will acquire a 60% ownership stake, while the Weiss family is to retain a 40% stake in the greeting card business.
The retailer will have free shipping on most items sold online, which will be supported by tighter supply chain operations.
Rite Aid has successfully transferred 1,114 stores to Walgreens Boots Alliance, and has received cash proceeds of $2.424 billion, which the company continues to use to reduce debt.