Exterior of Rite Aid store A Rite Aid store in Buffalo, NY. (Photo: Wierzba Masonry)

BOISE, ID and CAMP HILL, PA—In a defensive play that’s said to build on the complementary strengths of two formats, grocery giant Albertsons Cos. will merge with Rite Aid Corp. Financial terms were not disclosed, although the Wall Street Journal reported a combined market value of about $24 billion including debt. The deal will entail Albertsons, which was taken private by an investment group led by Cerberus Capital Management in 2013, going public once again following its merger with Rite Aid, which trades on the New York Stock Exchange under the RAD ticker.