Good things come to those who wait: Walgreens finally gets go-ahead for Rite Aid acquisition

Good things come to those who wait: Walgreens finally gets go-ahead for Rite Aid acquisition

The Federal Trade Commission is now said to have given Walgreens the go-ahead for its purchase of Rite Aid Corp, bringing to an end a lengthy acquisition process for the company that saw it make numerous revisions to the deal in order to address regulator concerns.

Just this week we reported that Walgreens had once again revised the $4.38 billion deal due to anti-trust issues raised by the FTC. Having now received the green light, Walgreens will add 1,932 retail stores to its portfolio, as well as related inventory and three distribution centres in Connecticut, Philadelphia and South Carolina.         

Stefano Pessina, Walgreens Boots Alliance Executive Vice Chairman and Chief Executive Office, said in a company press release, “Combining Walgreens retail pharmacy network with a strong portfolio of Rite Aid locations is expected to help us achieve enhanced, sustainable growth while enabling us to broaden our reach and provide greater access to convenient, affordable care in more local neighborhoods across the United States.
“We are confident in the path ahead and look forward to working together to shape the future of health care and deliver on the full potential these stores bring to our network.”

Following the closure of the deal, slated to be completed by spring, the stores will all convert to the Walgreens brand. 

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