Walgreens, Rite Aid to create drugstore giant

October 28, 2015 2:50 AM

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Walgreens Boots Alliance Inc. agreed to acquire Rite Aid Corp. for $9.42 billion in cash, creating a company with nearly 18,000 stores around the world and further expanding the company’s role in the distribution of medications in the United States.

The deal comes less than a year after Walgreens bought European health and beauty retailer Alliance Boots. Besides its namesake stores, Deerfield, Illinois-based Walgreens also owns Duane Reade stores in the U.S.

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