Drugstore chain Walgreens Boots Alliance Inc. said on Tuesday it received regulatory clearance to buy 1,932 stores, 254 stores fewer than it had previously intended, from Rite Aid Corp. for $4.38 billion.
The deal, which widens Walgreens’ footprint in the United States and will help negotiate for lower drug costs, has been in the works for nearly two years but has faced regulatory hurdles.
Rite Aid has also been offered the option of joining Walgreens’ group purchasing agreement to negotiate discounts on generic drug prices.
Walgreens also said it would buy Rite Aid’s three distribution centers located in Dayville, Connecticut; Philadelphia, Pennsylvania; and Spartanburg, South Carolina.
The No. 1 U.S. drugstore chain had said in July it would buy 2,186 Rite Aid stores for $5.18 billion after it failed to win approval to take over the nearly 4,600-store chain.
Walgreens said it does not expect the deal to have a significant