Walgreens Is Buying Rite Aid

For $9.41B
By Newser Editors and Wire Services
Posted Oct 27, 2015 4:42 PM CDT
Walgreens Is Buying Rite Aid
In this Wednesday, Oct. 17, 2012 file photo, people pass a Walgreens store in New York's Times Square.   (AP Photo/Richard Drew, File)

Walgreens confirmed Tuesday that it will buy rival pharmacy chain Rite Aid for about $9.41 billion in cash. The Wall Street Journal first reported news of the deal. Walgreens says it will pay $9 per share for Camp Hill, Pennsylvania-based Rite Aid Corp. That's a premium of 48% to the closing price of Rite Aid Monday. The deal is worth $17.2 billion when debt is included, the companies said. Walgreens Boots Alliance Inc., based in Deerfield, Illinois, is the largest US drugstore chain, based on store counts. Rite Aid is the third largest. The deal is expected to close in the second half of next year. (More Walgreens stories.)

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