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Rite Aid transfers more stores to Walgreens

Drugstore chain operator Rite Aid Corp. said March 5 that it has so far transferred 1,651 out of 1,932 stores and related assets to Walgreens Boots Alliance Inc. as part of its amended asset purchase agreement with the Illinois-based pharmacy chain.

The total purchase price for Rite Aid's stores, distribution centers and related inventory is $4.4 billion on a cash-free, debt-free basis. As of March 2, Rite Aid has received cash proceeds of $3.6 billion from the store transfers, which it continues to use to reduce debt.

Rite Aid, which recently agreed to merge with privately held grocer Albertsons Cos. Inc., expects to complete the Walgreens transaction in spring 2018.