Walgreens Ditches Rite Aid Deal, Will Buy Stores Instead

Walgreens Boots Alliance says it’s no longer merging with rival Rite Aid after failing to gain antitrust approval. Instead, Walgreens will buy about half of Rite Aid’s stores for nearly $5.2 billion.

Zacks reports the store locations being acquired are mostly in the Northeast, Mid-Atlantic and Southeastern parts of the U.S.

Reuters reports Rite Aid’s shares plunged, while Walgreen’s went up slightly Wednesday.