Rite Aid (Finally!) Gets OK to Sell Stores to Walgreens

Only months after Rite Aid's (NYSE: RAD) planned merger with Walgreens Boots Alliance (NASDAQ: WBA) fell apart, the two companies have successfully convinced regulators to OK a smaller deal in which Walgreens will acquire 1,932 stores and three distribution centers for $4.375 billion in cash.

The agreement puts Walgreens in a better position to compete with the nation's biggest retail pharmacy chain, CVS Health (NYSE: CVS), and it gives Rite Aid much-needed cash that it can use to repair its balance sheet and revamp its remaining business.

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Source: Fool.com