Walgreens Announces Deal to Buy Rite Aid

October 28, 2015 5:00 AM

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Pharmacy giant Walgreens Boots Alliance has reached a deal to buy rival Rite Aid, creating a merger of two of the nation's largest drugstore chains.

The deal announced Tuesday involved Walgreens buying Rite Aid for $9 a share, or $9.4 billion. The total size of the deal is $17.2 billion including acquired net debt, Walgreens said.

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