Camp Hill, Pa.-based Rite Aid has completed roughly 30 percent of its planned divestiture to Deerfield, Ill.-based Walgreens Boots Alliance, Rite Aid officials announced Jan. 22.
Rite Aid has thus far transferred 625 stores and related assets to Walgreens, and received $1.31 billion. Officials said the company will use the proceeds from the sale to repay all of its $970 million in outstanding secured loans.
Under the amended asset purchase agreement the companies signed last September, Walgreens will purchase a total of 1,932 Rite Aid stores, three distribution centers and related inventory from Rite Aid for $4.38 billion.
Officials said the majority of deal's closing conditions have been satisfied. All subsequent transfers are still subject to minimal customary closing conditions.