Walgreens Likely To Go on Real Estate Diet if Rite Aid Deal Wins Approval
The newly announced merger agreement between Walgreens Boots Alliance Inc. and Rite Aid Corp. has the potential to be hugely disruptive to retail real estate across the country, according to industry experts analyzing early details of the proposed deal.
Walgreens and Rite Aid, the second and third-largest drug store chains respectively, reached a deal for Walgreens to acquire Rite Aid for a total enterprise value of $17.2 billion, including acquired net debt. Under the proposed merger, Rite Aid would become a wholly owned subsidiary of Walgreens Boots Alliance, and initially operate under its existing brand name.