Walgreens To Buy Rite Aid In $17.2 Billion Deal

Walgreens is set to buy Rite Aid for $9.4 billion in cash. This is the latest in Walgreens' slow rise to the top of the drugstore industry.

Walgreens To Buy Rite Aid In $17.2 Billion Deal
Getty Images / Justin Sullivan

Walgreens Boots Alliance, Inc. is buying Rite Aid Corp. The price tag: nearly $9.4 billion in cash. The deal values Rite Aid, debt and all, at about $17.2 billion.

The move unites two of the nation's largest drugstore chains. Combined, they account for about 13,000 stores. 

This follows Walgreens' acquisition of Duane Reade, USA Drug and Kerr Drug in the past five years. It also bought British pharmacy chain Alliance Boots last year. (Video via Walgreens)

Some speculate the major buyout could raise red flags from antitrust regulators since Walgreens and Rite Aid are two of the three largest drugstore owners in the country. (Video via Rite Aid Pharmacy)

CNN reports Rite Aid stores will still keep their names, at least for a little while. The companies expect to close the deal by the second half of next year.

This video includes images from Getty Images.