Walgreens confirms it will buy Rite Aid for $9.41 billion

Walgreens confirms it will buy Rite Aid for $9.41 billion

October 27th, 2015 by Associated Press in Business Around the Region

Customers walk toward an entrance to a Walgreens store location.

Customers walk toward an entrance to a Walgreens...

Photo by The Associated Press/Times Free Press.

Walgreens confirms today that it will buy rival pharmacy chain Rite Aid for about $9.41 billion in cash.

There are ten Rite Aid stores listed in Hamilton County. Six appear to be located near existing Walgreens stores.

The Wall Street Journal first reported news of the deal.

Walgreens says it will pay $9 per share for Camp Hill, Pennsylvania-based Rite Aid Corp. That's a premium of 48 percent to the closing price of Rite Aid Monday. The deal is worth $17.2 billion when debt is included, the companies said.

Walgreens Boots Alliance Inc., based in Deerfield, Illinois, is the largest U.S. drugstore chain, based on store counts. Rite Aid is the third largest.

The deal is expected to close in the second half of next year.