Drugstore chain Walgreens Boots Alliance Inc is willing to divest up to 1,000 stores to win regulatory approval for its acquisition of Rite Aid Corp, the Associated Press reported.
Walgreens expects it will not have to sell more than 500 of its stores, AP said citing Walgreens. (bit.ly/1KVrkDa)
Walgreens declined to comment.
On October 27, Walgreens offered to buy smaller peer Rite Aid to widen its footprint in the United States and negotiate for lower drug costs.
The $9.4 billion offer was closely scrutinized by two influential U.S. senators last week, as the deal would unite two of the three biggest U.S. drugstore chains.
Walgreens ranks first and Rite Aid third by number of stores, either side of CVS Health Corp.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Gopakumar Warrier)
Source: Reuters Health