Jonathan Kehayias provides some tips on migrating (transactional) replicated databases when the cost of reinitializing is just too high:
The first part of building any plan is to know what specifically is being migrated or upgraded. This is important because the steps will be slightly different if you are only migrating or upgrading one part of the environment vs. the entire environment. It is also important to know where the distributor is for the configuration and whether or not the distribution database is going to be affected by the changes being made. In most cases it is a full environment migration to newer hardware or upgrade to newer release of SQL Server and the steps below will work. This is not the only way of migrating/upgrading large replicated databases but this is the one I have used for over 15 years at the date this post was written and it has been flawless.
Read on for more tips and a step-by-step process. With merge replication, of course, things are 40% more difficult.