Rite Aid Corp. agreed to buy EnvisionRx, a pharmacy-benefits manager owned by private-equity firm TPG, for about $2 billion, opening a new front in its competition with CVS Health Corp.

Rite Aid will pay about $1.8 billion in cash and $200 million in shares, the companies said in a statement today. EnvisionRx will have revenue this year about $5 billion and earnings before interest, tax, depreciation and amortization of $150 million to $160 million, they said.

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