Walgreens Boots Alliance is set to acquire 1,932 stores, three distribution centres, and related inventory from Rite Aid for $4.375bn after receiving regulatory clearance for an amended asset purchase agreement.
The development follows a deal between the parties in June this year, which saw Walgreens agree to acquire Rite Aid's 2,186 stores for $5.175bn after calling off plans to acquire the company ahead of potential scrutiny by the US Federal Trade Commission (FTC).
Store purchases are scheduled to commence next month, with completion expected between March and May next year.
Walgreens Boots Alliance executive vice-chairman and CEO Stefano Pessina said: "This is a significant moment for our company, and we are excited about the opportunities this agreement will deliver for our customers and patients, employees and investors.
"Combining Walgreens retail pharmacy network with a strong portfolio of Rite Aid locations is expected to help us achieve enhanced, sustainable growth while enabling us to broaden our reach and provide greater access to convenient, affordable care in more local neighbourhoods across the US.
“We are confident in the path ahead and look forward to working together to shape the future of healthcare and deliver on the full potential these stores bring to our network."
The agreement also allows Rite Aid the option to become a member of Walgreens Boots Alliance's group purchasing organisation, Walgreens Boots Alliance Development.