by Christopher Freeburn | September 18, 2012 10:43 am
Walgreen (NYSE:WAG) announced on Monday that it has completed the $438 million purchase of drug stores from privately-owned Stephen L. LaFrance Holdings Inc.
The acquisition was announced back in July. 144 drug stores operating under the names USA Drug, Med-X, May’s Drug, Drug Warehouse and Super D Drug are affected by the deal, as well as a wholesales drug business, NewsOK noted.
The stores involved are located in Arkansas, Kansas, Mississippi, Missouri, New Jersey, Oklahoma and Tennessee and generated $825 million in sales in 2011.
Shares of Walgreen slipped fractionally in Tuesday morning trading.
Walgreen also obtained corporate office space and a distribution center in Arkansas.
The deal extends Walgreen’s reach into smaller communities across the mid-south.
In June, Walgreen purchased a 45% stake in Switzerland’s Alliance Boots drug chain for $6.7 billion, its first overseas acquisition.
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