New York, July 7 (FinanceEnquiry.com) – Walgreen (NYSE: WAG) is acquiring USA Drug, a chain of 144 regional drugstores through stock deal for a sum of $438 million to widen its market in the mid-southern parts of US.
The acquisition is expected to give Walgreen, the control over branded drugs stores named USA Drug, Super D Drug, May’s Drug, Med-X and Drug Warehouse. Arkansas, Kansas, Missouri and Oklahoma are some of the major states where the retail chain is located. USA Drug generated $825 million in sales for the year 2011.
Stephen L LaFrance Holdings Inc and members of the LaFrance family own the USA Drug chain with 144 outlets. Walgreen plans to complete the acquisition through a stock purchase with the help of the holding company. The company expects to complete the purchase formalities by Sept. 1.
Walgreen in a press statement said, the drugstores will continue to operate under existing brand names for the time being. They will be harmonized later for which decisions will be made over time.
Walgreen is planning to acquire a 45% stake in Alliance Boots, an European pharma leader for $6.7 billion. The company sources say, all the deals are meant to add to its declining sales. Meanwhile, profits declined by 6.8% in June to $5.6 billion from $6 billion reported last year. Walgreen attributed fall in income due to lack of customer traffic and flooding of generic drugs in the market.
Walgreen, a pharmaceutical retail chain is located at 8,359 locations in the US. Stock was last quoted at $29.87.
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