Updated: Walgreens Confirms Buying Rite Aid

By JASON CLAFFEY (Patch Staff)

Walgreens Boots Alliance confirmed Tuesday it will acquire the Rite Aid Corp. for $17.2 billion in a deal that unites the nation’s second and third largest drugstore chains.

The “definitive agreement” means Deerfield-based Walgreens will acquire all outstanding shares of Rite Aid for $9 per share in cash, totaling $17.2 billion.

In Massachusetts, Walgreens operates 167 stores, while Rite Aid operates 148 stores. Combined, the stores run more than 13,000 stores in 11 countries.

There are two Walgreens in Peabody while the closest Rite Aid is in Beverly.

Both companies are worth a combined $10 billion, the Journal reported.