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Walgreens To Buy Drugstore Competitor Rite Aid For $9.4 Billion

On Tuesday, Walgreens confirmed that it plans to acquire drugstore competitor Rite Aid for $9.4 billion.

As The Wall Street Journal first reported, the move "would create a drugstore giant at a time when companies in nearly every corner of the health-care industry are seeking to gain advantage from bulking up."

NPR's Sonari Glinton reports for the Newscast unit:

"Walgreens buying the Rite Aid chain gives the company more than just stores, though it will get a lot of those.

"Walgreens is currently the largest drug store retailer and Rite Aid is No. 3. The combined company would have 18,000 stores worldwide.

"In addition to getting a retail presence that's bigger by 50 percent, Walgreens is getting more leverage as a buyer of pharmaceuticals.

"The combination of the two companies would need the approval of the Federal Trade Commission, which studies retail mergers, to make sure they comply with antitrust law.

"Rite Aid is expected to keep its name after the deal closes."

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