A PYMNTS Company

US: Is Walgreens buying Rite Aid for $10 billion?

 |  October 27, 2015

Walgreens Boots Alliance, the largest US drugstore chain, is nearing a deal to buy smaller peer Rite Aid for more than $10 billion, people familiar with the matter said on Tuesday.

The deal would follow CVS Health Corp’s $10.1 billion acquisition of Omnicare Inc OCR.N in August. It would further consolidate the US drugstore sector and attract antitrust scrutiny.

Walgreens and Rite Aid could announce an agreement as early as Wednesday, the people said, requesting anonymity because the negotiations are confidential.

The pharmaceutical sector has been consolidating as companies look to beef up and bargain for lower drug prices from both manufacturers and the three largest US distributors.

Full content: The Wall Street Journal

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.