Walgreens is focusing on getting its Rite Aid deal approved and believes that the company will have to unload more stores in order to soothe antitrust concerns over the acquisition.
The $9.41B acquisition of Rite Aid would make the nation’s largest drugstore chain. Walgreens anticipates the deal to complete this year but announced on Thursday that more than 500 stores would have to probably be divested. Previously the company expected to divest 500 or fewer.
Walgreens Boots Alliance Inc. currently runs 8,173 U.S. stores. With the acquisition of Rite Aid, this total would be moved to 12,000.
The company said it is “actively engaged” with the Federal Trade Commission as it reviews the deal.
Disclaimer: We have no position in Walgreens Boots (NASDAQ: WBA) nor Rite Aid Corporation (NYSE: RAD) and have not been compensated for this article.