Walgreen agrees to acquire USA drug chain for about $438 million

Deerfield-based Walgreen Co., the largest U.S. drugstore chain, agreed to buy the owner of the USA Drug chain for about $438 million, gaining stores in southern states including Arkansas and Mississippi.

Walgreen will purchase the stock of Stephen L. LaFrance Holdings Inc., which owns most of the acquired business, according to a statement today.

The transaction gives Walgreen 144 stores under brands including Super D Drug and May's Drug, as well as corporate offices and a distribution center in Arkansas. It's Walgreen's second deal in two weeks, after the Deerfield, Illinois-based company agreed to buy a 45 percent stake in Alliance Boots GmbH for $6.7 billion last month to expand globally.

The USA Drug chain had sales of $825 million in 2011, according to the statement. The transaction, expected to close in September, won't have a material impact on Walgreen's earnings per share for fiscal year 2012.

Walgreen, based in Deerfield, Illinois, fell 1.7 percent to $29.10 at 8:08 a.m. in New York. The shares had dropped 10 percent this year through July 3.