Illinois-based Walgreens agreed to purchase 1,932 stores, three distribution centers and related inventory from Rite Aid for an all-cash purchase price of $4.375 billion on a cash-free, debt-free basis. Rite Aid will retain approximately 250 additional stores as compared to the prior agreement announced between Rite Aid and Walgreens in June 2017.
The deal is expected to go through in spring 2018.
Both Rite Aid and Walgreens have stores across Southwest Ohio. Rite Aid is one of the nation’s leading drugstore chains that currently operates more than 4,500 stores in 31 states. Stores will continue operating as is, the company said.
A list of store closures hasn’t been released yet, but the store closures will happen over the next 18 months.