Deals
Walgreens Gives Up on Rite Aid Deal, Will Buy Stores Instead
- Drugstore chain will buy 2,186 stores for $5.18 billion
- ‘We have taken account of specific feedback,’ Walgreens says
Walgreens Trims Rite Aid Deal to Stores Over Chain
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Walgreens Boots Alliance Inc. is scrapping its takeover of rival Rite Aid Corp. and instead will buy a smaller piece of the drugstore chain, after the original deal was doomed by U.S. antitrust problems.
The new agreement ends a saga that dragged on for more than a year and a half as the companies struggled to get approval from regulators. On Thursday, they said they would scrap the $7.37 billion takeover, and instead Walgreens will pay $5.18 billion to buy 2,186 stores, leaving Rite Aid as a regional chain.