Walgreens Boots Alliance said Thursday that it would likely divest more than the 500 stores it originally planned to sell off as part of its $17-billion acquisition of Rite Aid Corp. The Deerfield, IL-based drugstore chain said it continues to believe the merger with Rite Aid will close by the end of this year.
The two retailers “remain actively engaged with the Federal Trade Commission regarding its review of the pending acquisition,” Walgreens says in a statement. Walgreens is exploring “potential divestiture remedies” but continues to believe that fewer than 1,000 locations will need to be divested in order to satisfy FTC concerns. The company also expects to realize more than $1 billion in synergies from the Rite Aid purchase.. . . more