Feds Approve $4.38 Billion Deal For Walgreens To Buy Rite Aid Stores

DEERFIELD, IL — Antitrust regulators from the Federal Trade Commission approved a deal for Walgreens Boots Alliance to buy 1,932 Rite Aid stores for $4.38 billion, Walgreens announced Tuesday. It was the fourth attempt to gain regulatory approval for the sale over the past two years.

The scope of the sale had been reduced from an initial offer from the Deerfield-based drug store to buy all 4,600 Rite Aid locations for $9.4 billion and a subsequent bid of $5.18 billion for 2,186 locations.

Rite Aid stores are expected to begin being sold next month with the purchases finished by next spring. Most locations are in the northeast and southern U.S., the company said. (Get Patch real-time email alerts for the latest news for Deerfield — or your Illinois community. And iPhone users: Check out Patch's new app.)

Two commissioners raised concerns that the acquisition will harm competition and end up boosting prices for generic drugs, according to Bloomberg News. However, the acting FTC chairman said the agency reviewed the purchase for nearly two years and determined Rite Aid will continue to be a strong competitor, arguing the deal may even lower generic drug costs.

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