Business & Tech
Walgreens Expected to Buy Rite Aid
Merger between two of the nation's largest drugstore chains could be official this week. Both chains have dozens of stores on Long Island.
Walgreens is expected to buy Rite Aid Corp. in a deal that would unite the nation’s second and third largest drugstore chains, according to the Wall Street Journal, which cited sources Tuesday.
Deerfield-based Walgreens Boots Alliance Inc. may make an announcement as soon as Wednesday. With more than 13,200 stores in 11 countries, the deal would put the worth of the new combined company at about $10 billion.
Walgreens also operates under the name “Duane Reade.”
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According to the WSJ, “Putting their drugstore networks together could yield cost savings at a time when the companies have been beset by drug-cost inflation. Other benefits could be derived from marrying Walgreens’ wholesale operation with Rite Aid.”
Rite Aid, which is based in Camp Hill, Pennsylvania, has about 4,600 drugstores in 31 states, including dozens on Long Island. Only Walgreens and CVS are larger chains.
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