Federal Trade Commission

Walgreens and Rite Aid say FTC has approved their shrunken $4.38-billion deal

Walgreens and Rite Aid say FTC has approved their shrunken $4.38-billion deal

Walgreens and Rite Aid have finally devised a combination of the nation's largest and third-largest drugstore chains that will get past antitrust regulators.

The companies said Tuesday that they have Federal Trade Commission clearance for a slimmer version of a store-purchase agreement announced in June. Walgreens will now spend $4.38 billion on 1,932 stores, three distribution centers and inventory.

The drugstore chains had said earlier this summer that Walgreens planned to spend about $5.18 billion on 2,186 stores.

That deal marked a step down from Walgreens' initial plan to take over Camp Hill, Pa.-based Rite Aid Corp. for $9.4 billion. That deal spent a couple of...

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