"Walgreens Boots Alliance Inc. agreed to acquire Rite Aid Corp. for $9.42 billion in cash in a transaction to further expand the company’s role in the distribution of medications in the U.S."
The transaction would combine the second- and third-largest drugstore chains in the U.S., with a total of about 12,800 locations, helping Walgreens vault past market leader CVS Health Corp.
The acquisition will add to Walgreens’ earnings beginning a full year after completion and will produce more than $1 billion in savings from cost overlaps, the companies said Tuesday in a statement. Including debt, the deal is valued at $17.2 billion, they said.
Rite Aid shares fell 7.8 percent to $7.99 in extended trading after the acquisition was announced, below Walgreens’ offer of $9 a share, reflecting speculation that the transaction will face antitrust scrutiny.
They had risen as high as $8.74 earlier after the Wall Street Journal reported the companies were close to a deal.
Folowing article: The stock had slumped 29 percent since Sept. 16 after the company lowered profit and revenue forecasts for the year
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