Rite Aid Corp (RADCQ)

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Walgreens Boots Alliance Inc. on Thursday said it would divest more of its stores than previously expected to help satisfy the Federal Trade Commission's review of its pending acquisition of Rite Aid Corp.

The drugstore operator said it and Rite Aid remain "actively engaged" with the FTC in exploring potential divestiture remedies "to address certain issues raised in those discussions."

Walgreens now expects it will be required to divest more than the 500 stores previously expected, but still fewer than 1,000.

The company continues to anticipate that the acquisition will add to its adjusted per-share earnings in the first full year after closing, which it expects to happen in the second half of 2016.

In October, Walgreens agreed to buy Rite Aid for about $9.4 billion in a move that would beef up the drugstore giant as companies across the U.S. health-care industry look for ways to bulk up.

Write to Anne Steele at [e-mail]


(END) Dow Jones Newswires