Portion of Rite Aid not bought by Walgreens will be purchased by Albertsons Companies in merger
CAMP HILL — The portion of Rite Aid Corp that is not being bought up by Walgreens will be purchased by an Idaho-based company, according to Yahoo Finance.
Albertsons Companies and Rite Aid Corp have reached an agreement to merge, creating a company worth $83 billion. The move will also pave the way for Albertsons to go public after more than 10 years of ownership by Cerberus Capital Management LP, a private equity firm.
The new company will have headquarters in both Boise, Idaho and Camp Hill, according to a press release from both companies announcing the merger. The name of the new company has not yet been determined, and will be announced after the deal is finalized, the release says.
The merger is expected to close later this year.
The new company will have approximately 4,900 locations, 4,350 pharmacies, and 320 clinics in 38 states and Washington D.C.
Walgreens announced the purchase of 1,932 Rite Aid stores, three distribution centers, and inventory for $4.38 billion in September of 2017.