Walgreens gets clearance for Duane Reade acquisition

 
Updated 3/30/2010 7:28 AM

Walgreen Co. announced Tuesday that it received regulatory clearance from the U.S. Federal Trade Commission needed to complete the acquisition of Duane Reade Holdings Inc.

Walgreens expects to complete the acquisition in early to mid-April.

                                                                                                                                                                                                                       
 

On Feb. 17, Deerfield-based Walgreens signed a definitive agreement under which Walgreens will acquire Duane Reade from affiliates of Oak Hill Capital Partners. In the cash transaction, Walgreens will acquire all 257 Duane Reade drugstores in the New York City metropolitan area, as well as the corporate office and two distribution centers.

"We're clear to move forward and complete the Duane Reade acquisition, which will immediately give Walgreens a leading position in the nation's largest drugstore market," said Walgreens President and CEO Greg Wasson. "We look forward to combining the strengths of our two companies to best serve our customers in the New York metropolitan area and the many communities we serve nationwide, while also creating real value for our shareholders."

Drugstore chain giant, Walgreens reported sales of $63 billion in 2009. The company operates 7,180 drugstores in all 50 states, the District of Columbia and Puerto Rico.