(Walgreen’s is buying Rite Aid)…It was reported in the Wall Street Journal.
The largest drug store chain will be buying the third largest drug store chain. Walgreen’s is paying about $9.41 billion in cash. Including debt, the deal is worth about $17.2 billion. It will increase Walgreen’s stores to nearly 18,000 worldwide. The deal is expected to close the second half of next year. How will the sale affect the Walgreen’s and Rite Aids in Imperial County? Other than Walgreen’s lowering some of their prices, it might not affect the local stores very much. Walgreen’s officials have said the Rite Aid stores will initially keep their name after the deal closes, but that may change over time.