Rite Aid and Walgreen begin store transfer process [Seeking Alpha]
Rite Aid Corporation (RAD)
Last rite aid corporation earnings: 4/16 07:00 am
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US:NYSE Investor Relations:
riteaid.com/corporate/investor-relations
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Source: Seeking Alpha
Rite Aid and Walgreen begin store transfer processRite Aid (NYSE:RAD) announces that it completed the pilot closing and first subsequent closings as part of its asset purchase agreement with Walgreen Boots Alliance (NASDAQ:WBA).Under the amended and restated agreement, Walgreens will purchase a total of 1,932 stores, three distribution centers and related inventory from Rite Aid for an all-cash purchase price of $4.375B on a cash-free, debt-free basis.Rite Aid and WBA expect to continue the store transfers in phases over the coming months. All the store transfers are expected to be completed by the spring of 2018.Rite Aid expects to use a substantial majority of the net proceeds from the transaction to repay existing indebtedness.Source:Press ReleaseNow read:Dividend Aristocrats In Focus Part 47: Walgreens Boots Alliance »
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