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Walgreens Boots Alliance, Rite Aid Announce Deal

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By: Tom Branna

Walgreens Boots Alliance, Rite Aid Announce Deal

Walgreens Boots Alliance will acquire all outstanding shares of Rite Aid, the US retail pharmacy chain, for $9.00 per share in cash, for a total enterprise value of approximately $17.2 billion, including acquired net debt.

Walgreens Boots Alliance is focused on building a differentiated in-store experience for health, wellness and beauty, and this combination will help accelerate Rite Aid’s own efforts toward that end, the companies said in a press announcement. Once the acquisition closes, Walgreens Boots Alliance plans to further transform Rite Aid’s stores to better meet consumer needs.

Upon completion of the merger, Rite Aid will be a wholly owned subsidiary of Walgreens Boots Alliance, and is expected to initially operate under its existing brand name. 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.

Walgreen’s Retail Pharmacy US division’s principal retail pharmacy brands are Walgreens and Duane Reade. Together, they form the largest drugstore chain in the US.

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