Rite Aid Corp. has transferred 1,114 stores and related assets to Walgreens Boots Alliance and has received cash proceeds of $2.42 billion.
The company stated it is using the cash proceeds to reduce debt.
Under an asset purchase agreement, WBA will purchase a total of 1,932 stores, three distribution centers and related inventory from Rite Aid for an all-cash purchase price of $4.38 billion.
“We have now completed more than half of the planned store transfers and remain on track to finish the process in the spring of this year,” said John Standley, Rite Aid chairman and CEO. “As we work to complete this process, we remain focused on opportunities to build our business while delivering a great experience to our customers and patients and driving value for our shareholders.”