Next time that you enter the Rite Aid Corp. drugstore chain, you just might find that it’s no longer a Rite Aid. That’s because Walgreens Boots Alliance Inc. said on Tuesday that they will be acquiring Rite Aid for $9.4 billion. The goal for Walgreens is to increase their footprint in the United States by half. They also hope to be able to negotiate for low drug prices.
Walgreens hopes that the transaction will close in the second half o 2016.
Analysts believe that the deal will increase Walgreens’ presence in the Pacific Northwest and make it in a better position to take on CVS Health Corp.
Walgreens currently has 13,200 stores, 60% of which are in the US. They generated $76.4 billion in sales during the year that ended on August 31, 2014.