Walgreens, Rite Aid to sell 865 stores to Fred's

In a move meant to bolster its chances of buying Rite Aid, Walgreens Boots Alliance and Rite Aid announced yesterday plans to sell hundreds of Ride Aid stores to Fred's Inc. for $950 million.

Upon regulatory approval, the sale of the 865 stores would make Fred's one of the biggest U.S. pharmacy chains.

It also would bring Walgreens' yearlong quest to buy rival Rite Aid closer to fruition. In October 2015, Walgreens announced plans to buy Rite Aid for $9.5 billion. Since then, officials have expressed concerns about the melding of the world's largest retail pharmacy chain with Rite Aid's 4,600 stores in the United States.

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