Walgreens Is Buying Rite Aid For $17.5 Billion

It’s officially happening, Walgreens is about to buy Rite Aid in an all cash deal at nine dollars per share which comes to a $17.5 billion dollar deal. And what’s the motive you ask? Well simply to form a massive company looking to dominate the industry with it’s prime rival being CVS.

The deal comes after a massive restructuring in the health care sector as more companies adapt to Obama Care by spreading costs over larger pools of customers. Rite Aid will keep its name until the deal closes according to Walgreens but this may change overtime.

The retailers combined have roughly 13,000 stores around the world and by comparison CVS their competition has close to 7,800 stores. For more details be sure to check out the video above.