Rite Aid has completed the first phase of its amended asset purchase agreement with Walgreens Boots Alliance. The company transferred 97 Rite Aid stores and related assets to Walgreens.
Walgreens Boots Alliance has secured regulatory clearance for its amended agreement to purchase 1,932 stores, three distribution centers and related inventory from Rite Aid Corporation for $4.375 billion in cash and other considerations.
More than $10 million was raised by Walgreens and Duane Reade customers nationwide for American Red Cross Hurricane Harvey relief efforts through donations at store checkouts.
Walgreens and Rite Aid have terminated their merger agreement. The decision to terminate the merger agreement follows feedback on the merger’s prospects received from the Federal Trade Commission, Rite Aid said. Rite Aid added that the potential FTC objection led the company to believe that the parties would not have obtained the commission’s clearance to complete the merger.