Rite Aid Transfers 625 Stores To Walgreens Boots

Rite Aid and Walgreens Boots Alliance have completed the transfer of 625 stores from the former to the latter in a deal valued at more than $1.3 billion.

Under the asset purchase agreement, Walgreens Boots will purchase a total of 1,932 stores, three distribution centers and related inventory from Rite Aid for an all-cash purchase price of $4.375 billion on a cash-free, debt-free basis.

“We are on track to complete the transfer of stores in the spring of this year,” said John Standley, Rite Aid chairman and CEO. “Going forward, we remain focused on the continued smooth execution of that process and capitalizing on our most significant business-building opportunities.”