Headlines

Walgreens-Rite Aid Deal Approved

Company gets federal green light to move forward with acquisition

Published

7 years ago

September 20, 2017

Walgreens Boots Alliance (Deerfield, Ill.) announced that it has been granted regulatory approval in its efforts to purchase Rite Aid Corp. (Camp Hill, Pa.). The deal includes purchasing 1932 stores, three distribution centers and related inventory for a total of $4.375 billion in cash.

The two companies have been working to get the deal approved for some time now; previously, the intention was for Walgreens to purchase 2186 stores for $5.175 billion.

The store purchases will begin next month and all should be completed by spring 2018. After the stores are acquired, they are expected to be converted to the Walgreens brand, according to Market Watch.

The company expects synergies of more than $300 million, which is expected to be fully realized within four years of the initial closing.

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