Walgreens to Acquire Duane Reade
February 17, 2010,
DEERFIELD, Ill.--Walgreens has struck a deal to acquire the Duane Reade pharmacy chain from Oak Hill Capital Partners.
The purchase price, all in cash, is $1.075 billion, which includes the assumption of debt, according to a joint statement from the two companies. The deal includes all 257 Duane Reade stores in the New York City metropolitan area, along with the chain's corporate office and two distribution centers. The statement put Aug. 31 as the target date for the closing of the transaction.
Duane Reade will continue to operate under its own name after the closing, the statement said, and Walgreens intends to keep "many members" of Duane Reade's senior management team.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: Bloomie's Home Makeover
The luxury department store retailer unifies its home floors at its flagship store on 59th Street in New York City and modernizes the shopping experience.
ALSO IN THIS ISSUE:
- The American Makers - Retailers grapple with the rewards and challenges of selling American-made home furnishings.
- Category Trends: Tabletop - The newest cocktail and dining trends influence barware and serveware design.