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walgreens reaches deal to acquire rite aid

walgreens and rite aid confirmed 10/27/15 that they have reached an agreement in which walgreens will acquire rite aid!

Walgreens said Rite Aid would keep its brand name for now. "Working together, decisions will be made over time regarding the integration of the two companies, ultimately creating a fully harmonized portfolio of stores and infrastructure," Walgreens said in a statement.

The deal must first get regulatory approvals. Rite Aid stores would add about 4600 stores to the existing 8200 Walgreen stores in the United States, compared to the 7800 existing CVS locations. However, the two chains have lower combined sales than cvs, which reported sales of $139.4 billion in 2014, compared to a total of $103 billion for Walgreens and Rite Aid.

walgreens plans to sell more than 500 stores to help secure approval of the deal. kroger was considering buying 650 stores from the two chains, but may be having second thoughts after the ftc indicated that it would not allow kroger to purchase and close the stores.

despite the delay, the companies still expect the merger to be completed by january 27, 2017.

business wire | cnbc | | the food institute