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Rite Aid transfers over 1,650 stores to Walgreens

Published 06 March 2018

Rite Aid said that it has so far transferred 1,651 stores and related assets to Walgreens Boots Alliance (WBA) and received cash proceeds of $3.6bn, which it continues to use to reduce debt.

Under the Asset Purchase Agreement, WBA will purchase a total of 1,932 stores, three distribution centers and related inventory from Rite Aid for an all-cash purchase price of $4.4 billion on a cash-free, debt-free basis.

Rite Aid expects to complete the store transfer process in the spring of 2018.

The majority of the closing conditions have been satisfied, and the subsequent transfers of Rite Aid stores and related assets remain subject to minimal customary closing conditions applicable only to the stores being transferred at such subsequent closing, as specified in the Asset Purchase Agreement.

Additional details regarding today's announcement have been filed with the Securities and Exchange Commission on Form 8-K.

Source: Company Press Release