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Monday, January 03, 2011 9:39:43 PM
Walgreen is buying the 257-store chain, which is burdened by a big debt load, from the private equity firm Oak Hill Capital Partners. The deal — in which Walgreen will pay $618 million in cash and assume $457 million in Duane Reade debt — will be financed by Walgreen’s cash on hand.
Duane Reade, founded in 1960 and named after the two streets in Lower Manhattan where the first store was built, generated about $1.8 billion in sales in 2009, according to Walgreen.
http://dealbook.nytimes.com/2010/02/17/walgreens-to-buy-duane-reade-for-1-1-billion/
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