Walgreens To Buy Rival Rite Aid In $17.2 Billion Deal
NEW YORK (CBSNewYork) -- National pharmacy chain Walgreens confirmed that it will buy rival pharmacy chain Rite Aid for $9.41 billion in cash.
The Illinois-based company will pay $9 per share for the Pennsylvania-based Rite-Aid Corp. That's a premium of 48 percent 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. is the largest U.S. drugstore chain, based on store counts. Rite Aid is the third largest.
According to the company's website, Walgreens currently has locations in over 150 neighborhoods across New York State.
The deal expected to close in the second half of next year.
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