FTC Clears Way for Walgreens to Acquire Duane Reade
Posted on March 30, 2010 by
DEERFIELD, Ill.-Walgreens said it has received the regulatory clearance from the U.S. Federal Trade Commission to complete its acquisition of Duane Reade.
On Feb. 17, Walgreens signed a definitive agreement to purchase Duane Reade from affiliates of Oak Hill Capital Partners. The cash transaction will give Walgreens all 257 Duane Reade drugstores, along with the corporate office and two distribution centers. All of the Duane Reade locations are in the New York City metropolitan area.
The transaction, which is expected to close in early to mid-April, "will immediately give Walgreens a leading position in the nation's largest drugstore market," said Greg Wasson, Walgreens' president and chief executive officer.