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Walgreens Closing Deal to Buy Rite Aid

Walgreens Closing Deal to Buy Rite Aid

Walgreens Boots Alliance is nearing a deal to buy Rite Aidwhich would leave the company valued at around $10B, a WSJ reports says.

The deal seeks to combine the largest and the third-largest US drugstores by revenue, creating a pharmacy behemoth with more than 12,786 stores and $67.1B in revenue.

The additional purchasing power from the addition of Rite Aid’s 4,600 stores--and its increased volume--could also help Walgreens lower prescription pricesan ABC report said.

After the news on Tuesday morning, Rite Aid shares jumped almost 40%, landing at $8.34. Walgreens Boots Alliance’s shares also enjoyed a spike of nearly 5% to $94.31. [WSJ]