Deerfield, Ill. Walgreen Co. announced Tuesday that it has received regulatory clearance from the U.S. Federal Trade Commission to complete its acquisition of Duane Reade Holdings.
Walgreens said it expects to complete the acquisition of New York City-based drug chain Duane Reade in early to mid-April.
“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.”
On Feb. 17, 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 drug stores in the New York City metropolitan area, as well as the corporate office and two distribution centers.