CAMP HILL, Pa. — Rite Aid has completed its acquisition of Envision Pharmaceutical Services from private investment firm TPG and other shareholders in a transaction valued at about $2 billion, including about $1.8 billion in cash, and around 27.9 million Rite Aid shares.

EnvisionRx will operate as a wholly owned subsidiary of Rite Aid under the leadership of Frank Sheehy, who had served as EnvisionRx’s chief executive officer. Rite Aid says it expects the deal to be accretive to earnings in the first year.

“The completion of this acquisition is an important step in our strategy to expand Rite Aid’s retail health care platform and enhance our health and wellness offerings,” Rite Aid chairman and CEO John Standley said in a statement. “EnvisionRx’s talented management team and valued associates are a tremendous addition to our Rite Aid family. The combination of EnvisionRx’s broad suite of PBM and pharmacy-related businesses with Rite Aid’s retail platform will provide our customers and patients with an integrated offering across retail, specialty and mail-order channels.”

Established in 2001, EnvisionRx positions itself as unique, asserting that it is the only PBM offering “absolute transparency” and guaranteeing that earned rebates, fees and discounts are credited to the plan sponsor at the point of sale.

Officials project EnvisionRx revenues of $5 billion in calendar 2015. It operates two PBM units — EnvisionRx and MedTrak — serving clients nationwide. It also provides fully integrated mail-order and specialty pharmacy services through Orchard Pharmaceutical Services, with access to the country’s largest cash-payment infertility discount drug program through Design Rx, a claims adjudication software platform. Additionally, it offers a national Medicare Part D prescription drug plan in the form of Envision Insurance Co.’s EnvisionRx Plus product.

Rite Aid has nearly 4,600 stores in 31 states and the District of Columbia, with fiscal 2015 revenues of $26.5 billion.