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.
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