Walgreens to Acquire Rite Aid for $17.2 Billion
Have they found a cure for competition? Walgreens Boots Alliance plans to buy their rival for $9.4 billion in cash and $7.8 billion in debt. The deal would merge America’s second- and third-largest drug chains for a combined $100 billion in annual sales and nearly 13,000 stores to challenge market leader CVS. Rumors of the deal — which would see the acquired stores revamped to focus on health and beauty — sent Rite Aid stocks upward, but speculation of antitrust scrutiny saw those gains drop in after-hours trading.