The Edmonton Oilers' home arena has a new name.

On Thursday, it was announced that the Skyreach Centre in Edmonton will now be known as Rexall Place.

The Katz Group Inc., Canada's largest pharmacy retailer, purchased the building's naming rights.

The deal spans 10 years and the new name comes into effect immediately.

It's how much was paid for those rights that's unknown.

Skyreach Equipment Ltd. had owned the arena's name rights.

The heavy machinery company agreed to a five-year, $3.3-million deal in 1998.

Before being called the SkyReach Centre, the building was known as Northlands Coliseum.

Rexall Place is Katz Group's second major naming rights deal of 2003.

Rexall Centre will be the name of Canada's new National Tennis Centre, which is slated to open next summer of 2004 in Toronto.