CHESAPEAKE, Va.- National discount retailer Dollar Tree is set to acquire thousands of Family Dollar stores around the country by early next year.

Dollar Tree officials announced they would be buying the Family Dollar chain last week. The $8.5 billion deal is expected to close by early 2015.

Family Dollar, headquartered in North Carolina, operates 8,200 stores in 46 states. Dollar Tree has 5,080 stores in 48 states and five Canadian provinces.

Dollar Tree has a location in Moses Lake and in Ephrata.

After the acquisition, Dollar Tree will operate more than 13,000 stores. Company officials anticipate annual sales to exceed $18 billion.

Dollar Tree CEO Bob Sasser said the company will continue to operate under the Dollar Tree, Deals and Dollar Tree Canada brands. When the transaction is complete, they will also operate under the Family Dollar brand.

He said the deal will provide greater value and choice to more customers.

"This acquisition will extend our reach to lower-income customers and strengthen and diversify our store footprint," Sasser said in a recent statement. "Combined, outgrowth potential is enhanced with improved opportunities to increase the productivity of the stores and to open more stores across multiple banners."

Family Dollar CEO Howard Levine will remain with the company and once the deal closes he will become a member of the Dollar Tree Board of Directors.

The transaction is still subject to Family Dollar stockholder approval.