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A Shoppers Drug Mart in downtown Toronto on Feb. 6 2014.Fred Lum/The Globe and Mail

Loblaw Companies Ltd. said Friday it has closed its $12.4-billion cash-and-stock deal to buy Shoppers Drug Mart Corp., eight months after the takeover was first announced.

Under the agreement, which limited the amount of cash available, Shoppers Drug Mart shareholders who chose to receive cash will be paid $49.22 in cash and 0.2592 Loblaw shares for each share.

Shoppers Drug Mart shareholders who did not make a choice will receive $26.53 in cash and 0.7363 Loblaw shares for each share.

Loblaw received approval last week from the Competition Bureau for the takeover, subject to several conditions including the sale of 18 stores and nine Loblaw-run pharmacies to an independent operator.

The combined company has roughly 2,300 corporate, franchised and associate-owned stores across Canada and nearly 1,800 pharmacies.

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