Walgreens Boots Alliance to acquire Rite Aid
Walgreens Boots Alliance has announced that it is to buy rival pharmacy chain operator Rite Aid in a $17.2 billion deal.
Upon completion of the merger, which is subject to regulatory approval, Rite Aid will be a wholly owned subsidiary of Walgreens Boots Alliance. Rite Aid is expected to initially operate under its existing brand name although Walgreens said it will undertake a transformation of Rite Aid’s stores to “better meet consumer needs”.
Walgreens Boots Alliance executive vice chairman and chief executive, Stefano Pessina, said: “Today’s announcement is another step in Walgreens Boots Alliance’s global development and continues our profitable growth strategy.
“Our complementary retail pharmacy footprints in the US. will create an even better network, with more health and wellness solutions available in stores and online. Walgreens Boots Alliance will provide to Rite Aid its global expertise and resources to accelerate the delivery of integrated frontline care, and to offer innovative solutions for providers, payers and other entities in the US healthcare system.
“Finally, this combination will generate a stronger base for sustainable growth and investment into Rite Aid stores, while realizing synergies over time.”
Walgreens Boots Alliance operates over 13,100 stores in 11 countries while Rite Aid has nearly 4,600 stores across the US.
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