Walgreen Finalizes Kerr Drug Acquisition

DEERFIELD, Ill. (AP) -- Walgreen has closed on its acquisition of Kerr Drug's 76 retail drugstores and its specialty pharmacy business.

Walgreen Co. announced the deal in September. The transaction also includes a distribution center, but does not include the long-term care pharmacy business of Kerr, a privately held regional chain. Financial terms were not disclosed.

The buyout will help Walgreen, the nation's biggest drugstore chain, expand its North Carolina presence. Walgreen has been on an acquisition-fueled growth spurt.

Last year, the Deerfield, Ill. company said it would buy a stake in European health and beauty retailer Alliance Boots, the largest drugstore chain in the United Kingdom, in a cash-and-stock deal valued at $6.7 billion. Walgreen also has an option to buy the rest of the company in a few years.

Walgreen also spent $438 million to buy a regional chain that runs USA Drug, Super D and May's drugstores. It said that deal would help it expand to smaller communities.

In March, the drugstore chain announced a 10-year supply agreement with pharmaceutical wholesaler AmerisourceBergen Corp. In that deal, Walgreen and Alliance Boots received the right to buy up to 7% of AmerisourceBergen's shares and warrants to purchase an additional 16%.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2719175, ~/Articles/ArticleHandler.aspx, 9/18/2014 1:45:28 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement