Walgreens agrees to sell 865 Rite Aid stores for nearly $1 billion

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Rite Aid

Walgreens and Rite Aid have agreed to sell 865 Rite Aid stores for nearly $1 billion.

The move announced Tuesday, December 20th is in response to government concerns over Walgreens’ proposed acquisition of Rite Aid.

The stores will be sold to Fred’s Pharmacy, which is based in Memphis, Tennessee.

The $950 million all-cash deal is expected to close in the first half of 2017, pending approval of Walgreens’ purchase of Rite Aid.

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