Walgreens Boots Alliance (Walgreens) said on Tuesday that it has got regulatory approval to buy Rite Aid Corp. (Rite Aid) stores for 4.38 billion dollars.

The Illinois-based drugstore chain secured clearance for a revised deal under which it will buy 1,932 stores, three distribution centers and related inventory from Rite Aid, Walgreens said in a press release.

Store purchases are expected to begin in October, and be completed in spring 2018. After the purchases, Walgreens will have about 10,000 stores across the United States.

The company said it expects to realize more than 300 million dollars in annual synergies within four years.

Walgreens initially proposed a takeover of Rite Aid in 2015 and the deal encountered regulatory hurdles concerning antitrust.

Headquartered in Deerfield, IL, Walgreens is an American holding company that runs Walgreens, Boots and a number of pharmaceutical companies.

Rite Aid is a top U.S. drugstore chain, headquartered in the state of Pennsylvania.

Source:
courtesy of XINHUA NEWS AGENCY

by Xinhua News

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