Walgreens to buy rival Rite Aid for $9.4 billion, creating drugstore giant

October 27, 2015 10:45 PM

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Walgreens Boots Alliance Inc. on Tuesday agreed to buy Rite Aid Corp. for about $9.4 billion, combining two of the nation's largest drugstore chains as they bulk up to better compete in the rapidly changing healthcare industry.

Walgreens has about 8,200 stores throughout the United States, including 637 in California. Rite Aid operates about 4,600 stores in 31 states, including 577 in California.

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