Deals
Albertsons to Buy Rite Aid in Latest Amazon Countermeasure
- Companies face increasing competition in pharmacy sales
- Grocer will go public after years of private equity ownership
Albertsons Buying Rite Aid to Fend Off Amazon
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Grocer Albertsons Cos. will buy drugstore chain Rite Aid Corp. in a deal that would accelerate the remaking of the U.S. retail and health-care industries.
The takeover serves several purposes. Rite Aid will get a buyer after a failed merger with another chain last year. Albertsons will add new locations and size amid increasing pressure from online competitors. And the grocer’s private-equity owners will have a path to exit their 2006 investment without having to go through an initial public offering in a turbulent market.