The forthcoming merger of Walgreens and Rite Aid, currently the second and third largest pharmacy chains in the U.S., will allow Walgreens to surpass CVS as the leading chain. Prior to finalization, the merger must pass the antitrust review, reflecting the ongoing consolidation trend within the healthcare industry – a shift propelled by the Affordable Care Act and an increasingly aging populace.
While the Rite Aid stores will retain their original branding temporarily, Walgreens intends to cultivate a unified portfolio of stores over a period. The announcement was made on Tuesday by the company.
Historically, Walgreens, known under its corporate moniker WBA, has expanded its real estate since acquiring New York-based pharmacy chain Duane Reade in 2010 and last year’s acquisition of Boots Alliance, a prominent pharmacy chain in Europe. Currently, Walgreens operates in 11 different countries.
For further details, refer to CNN Money.
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