Walgreens to Acquire Duane Reade
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.
Walgreens posted home-furnishings sales of nearly $1.8 billion in 2008, ranking it number 21 on HFN's list of top 100 home-furnishings retailers.