Walgreens Boots Alliance is scuttling its yearslong effort to buy competitor Rite Aid and will instead buy more than 2,000 of its stores for $5.18 billion.
The less ambitious move follows resistance from federal regulators since the two drugstore chains first proposed a merger in 2015. Thursday morning's announcement represented the second time the two companies have tinkered with terms of a transaction, as they tried to win approval from the Federal Trade Commission.
Deerfield-based Walgreens also has agreed to pay Rite Aid a $325 million fee for ending the earlier agreements.
Under the terms of the new deal, Walgreens will acquire 2,186 Rite Aid stores,...