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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 and Rite Aid plan to sell at least 865 Rite Aid locations to Fred's Inc., making Fred's the third-largest pharmacy chain in the U.S. Employees at the Rite Aid stores purchased by Fred's are expected to keep their jobs, and the locations would maintain the Rite Aid name, at least during a 24-month transition.

in january 2017, the deal was delayed and is now expected to close on july 31, 2017.

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