The “significant amount” constitutes roughly 1,114 stores, according to Rite Aid’s Feb. 8 filing with the U.S. Securities and Exchange Commission.
Under the amended asset purchase agreement the organizations signed last September, Walgreens will purchase a total of 1,932 Rite Aid stores, three distribution centers and related inventory for $4.38 billion.
Rite Aid Chairman and CEO John Standley said the company “[has] now completed more than half of the planned store transfers and remain[s] on track to finish the process in the spring of this year. As we work to complete this process, we remain focused on opportunities to build our business while delivering a great experience to our customers and patients and driving value for our shareholders.”
The remaining divestitures are subject to minimal customary closing conditions.
More articles on transactions and valuations:
California physician-hospital group adds Good Samaritan Health, select Dignity Health facilities
RCCH HealthCare Partners, UW Medicine partner to operate hospitals in 3 states
Florida hospital extends management agreement with Tallahassee Memorial for six months
