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Walgreens agrees to buy Rite Aid for $17.2 billion

Walgreens agrees to buy Rite Aid for $17.2 billion

Less than a year after closing the biggest deal in its history to expand to Europe, Walgreens Boots Alliance is charging ahead with a new U.S. acquisition despite being in the middle of a massive restructuring.

The Deerfield-based company said Tuesday that it has agreed to acquire Rite Aid, America's third-largest drugstore chain with nearly 4,600 stores, for about $17.2 billion, including debt. Walgreens will pay $9 a share for Rite Aid, a 48 percent premium to the company's closing price on Monday.

The deal will significantly increase Walgreens' sales and prescriptions. Rite Aid, based in Camp Hill, Pa., had sales of $26.5 billion in the year ended Feb. 28. Prescriptions...

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