Dunellen, N.J. – Locally based Advanced Auto Parts is spending roughly $267 million in cash and stock to acquire its rival, Lakeland, Fla.-based Discount Auto Parts Inc. The two retailers expect to save nearly $30 million annually through synergies.

Combined, the two chains will operate 2,420 stores in 38 states and will have sales of more than $3 billion, making it the nation’s second-largest retailer of auto-related merchandise, behind Memphis, Tenn.-based AutoZone.