Are all drugstores starting to look the same to you? That’s not a coincidence. They are slowly coalescing into a single company
Walgreens, which already owns New York-founded Duane Reade and UK-founded Boots, has announced an agreement to acquire Rite Aid for around $17.2 billion, a deal that unites two of the largest drugstore chains in the U.S.
The combined company will have around 18,000 stores globally. Walgreen is paying $9 per share for Rite Aid, which is almost 50% higher than the company had been valued at the end of trading on Monday
That means Walgreens will pony up $9.41 billion as well as take on around $7.8 billion in Rite Aid’s debt. Read more…