Walgreens strikes new Rite Aid deal

Posted online June 29, 2017 | 11:33 am

Walgreens terminated its $9.5 billion offer to buy smaller rival Rite Aid.

Instead, the company plans to purchase 2,186 Rite Aid stores and assets for $5.18 billion in cash.

"We believe this new transaction addresses competitive concerns previously raised with respect to the prior transaction," Walgreens CEO Stefano Pessina said in a statement.

Read more from Reuters.

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