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Proposed Albertsons-Rite Aid acquisition crosses first antitrust hurdle

The Boise, Idaho-based grocery chain Albertsons' proposed acquisition of the remainder of Camp Hill, Pa.-based Rite Aid cleared its first antitrust hurdle in late March.

Albertsons reportedly demonstrated interest in purchasing the remainder of Rite Aid, according to a Feb. 20 report in The Wall Street Journal. The $32.8 billion pharmacy retailer recently completed part of its deal with Deerfield, Ill.-based Walgreens Boots Alliance, which included the divestiture of 1,932 stores. The companies plan to complete the remainder of their agreement later this year.

The proposed Albertsons-Rite Aid deal was subject to a waiting period outlined under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The waiting period expired at 11:59 p.m. EST March 28.

"The expiration of the HSR waiting period is an important step toward completing the proposed transaction with Albertsons which will create a truly differentiated leader in food, health and wellness to meet the evolving needs of customers," said Rite Aid Chairman and CEO John Standley. "We remain focused on combining our two organizations to drive growth, profitability and long-term shareholder value."

The proposed deal is still subject to other customary closing conditions, including approval of the proposed transaction by Rite Aid shareholders.

More articles on transactions and valuations:
34 healthcare partnerships and transactions in March
Advocate, Aurora Health complete merger to form 10th largest system
HealthQuest, Western Connecticut Health Network to combine

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