Walgreens in $17.2B deal to acquire Rite Aid

October 27, 2015 11:20 PM

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Walgreens said on Tuesday that it will buy rival Rite Aid in a $17.2 billion deal that would whittle the nation's one-time mom-and-pop drug-store industry into two massive chains.

The deal would combine the second and third largest drug-store operators, and if it gets regulatory approval intensify the already fierce competition between Walgreens and CVS Health.

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