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Walgreens $4.38B Rite Aid Buy Clears Regulatory Hurdles

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Regulators have cleared Walgreens to buy 1,932 stores from Rite Aid for $4.38 billion. The acquisition increases Walgreen’s U.S. footprint, although it is 254 fewer stores than it originally planned to buy. The deal is expected to improve Walgreens leverage to buy drugs at reduced costs.

The Deerfield, IL-based drugstore chain is also planning to buy Rite Aid’s three distribution centers located in Dayville, CT, Philadelphia, and Spartanburg, SC. Store purchases are expected to begin next month, and be wrapped up in spring 2018.

Walgreens had struck a deal in July to buy 2,186 Rite Aid stores for $5.18 billion, which came after a failed attempt to take over the nearly 4,600-store chain. The retailer expects to realize roughly $300 million in annual synergies from the deal.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.