Dollar Tree up after report of Family Dollar sale for $1 billion

Shares of discount retailer Dollar Tree DLTR.O up ~3% at $69.20 premarket

Co is nearing a sale of its Family Dollar banner to a consortium of private equity investors for about $1 billion, the Wall Street Journal reports, citing people familiar with the matter

Discount-retail chain is set to be bought by Brigade Capital Management and Macellum Capital Management - report

Adds that a deal is expected to be announced later Wednesday morning, when DLTR reports its quarterly results

In June last year, DLTR said it was exploring options for its Family Dollar business

Up to last close, stock down about 10% YTD