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Rite Aid begins transfer of stores to Walgreens

Rite Aid Corp. said Nov. 27 that it has completed the pilot closing and first subsequent closings under its amended and restated asset purchase agreement with Walgreens Boots Alliance Inc., resulting in the transfer of 97 Rite Aid stores to the pharmacy store chain.

Under the amended agreement, Walgreens will acquire 1,932 stores from Rite Aid for $4.375 billion in cash. Walgreens previously intended to buy 2,186 Rite Aid stores for $5.18 billion.

Rite Aid said it plans to use proceeds from the deal to repay its existing debt. It expects to complete the store transfers in the spring of 2018.