Rite Aid purchase part of Albertsons’ prescription for growth

Name: WORLD
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Supermarket giant Albertsons announced plans Tuesday to buy pharmacy chain Rite Aid, a deal that will position both companies better to compete with retailing giants Amazon and Walmart. Directors from both companies have approved the deal, but federal regulators must still weigh in. If the deal gets a governmental green light, Albertsons will incorporate Rite Aid branding into in-store pharmacies across several grocery brands, including Safeway and Super Saver. Federal regulators nixed a proposed merger between Rite Aid and Walgreens last year due to anti-trust concerns. Walgreens instead opted to buy a little less than half of Rite Aid’s stores, leaving Albertsons to pick up the rest. The new company will be worth about $24 billion.

Leigh Jones

Leigh is features editor for WORLD. She is a World Journalism Institute graduate who spent six years as a newspaper reporter in Texas before joining WORLD News Group. Leigh also co-wrote Infinite Monster: Courage, Hope, and Resurrection in the Face of One of America's Largest Hurricanes. She resides with her husband and daughter in Houston, Texas.