Business & Tech
Walgreens Expected to Buy Rite Aid
Merger between two of the nation's largest drugstore chains could be official this week. Peekskill Rite Aid is located at 1107 Main St.
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.
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.
Find out what's happening in Peekskill-Cortlandtfor free with the latest updates from Patch.
Walgreens also operates under the name “Duane Reade.”
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.”
Find out what's happening in Peekskill-Cortlandtfor free with the latest updates from Patch.
Rite Aid, which is based in Camp Hill, Pennsylvania, has about 4,600 drugstores in 31 states. Only Walgreens and CVS are larger chains.
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