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Fred's Inc. to Gain 865 Rite Aid Stores for Walgreens' $9.4 Billion Acquisition

Fred's Inc. to Gain 865 Rite Aid Stores for Walgreens' $9.4 Billion Acquisition


DEERFIELD, IL & CAMP HILL, PA
Tuesday, December 20th, 2016

Walgreens Boots Alliance and Rite Aid have found a buyer for hundreds of stores so that the former might acquire the latter next year, and it isn’t either of the grocers speculators thought it might be.

The Fred's Inc. drug store chain has bought up 865 Rite Aid locations for $950 million so that Walgreens may appease the Federal Trade Commission (FTC) and buyout the banner for about $9.4 billion.

Rite Aid Storefront

As we reported previously, both Kroger and Albertsons were speculated to be in the running for the several hundred stores for their prospective grocery locations as each looks to expand further.

In the end, however, Walgreens Boots Alliance’s Executive Vice Chairman and CEO, Stefano Pessina, said that the company was pleased to find an “experienced pharmacy operator," for the stores sold.

Stefano Pessina, Executive Vice Chairman and CEO, Walgreens Boots Alliance

"With this agreement, we are moving ahead with important work necessary to obtain approval of our acquisition of Rite Aid,” said Pessina, according to a press release. “We look forward to continuing to provide our customers and patients with the highest level of care and attention."

In total, Rite Aid has about 4,500 locations (minus those just sold) to add to Walgreens’ current count of 8,137 stores in the U.S.

Walgreens said that it is actively engaged in discussions with the FTC regarding the transaction and working toward a close of the Rite Aid acquisition. Should everything go through, the deal is expected to close in early 2017.

Walgreens


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In This Story


Walgreen Co. is the leading U.S. drugstore chain. The company's strategy is to be the nation's most convenient healthcare provider. Walgreens operates over 7,500 stores nationwide.

Rite Aid is one of the nation’s leading drugstore chains with nearly 4,700 stores in 31 states and the District of Columbia, with a strong presence on both the East and West coasts.

The hometown store that provides a fast, fun and friendly low-price place to shop!