Grocery chain Albertsons announced plans Tuesday to acquire Rite Aidin a cash and stock deal, as the traditional grocery industry continues to look for growth by broadening offerings, not just store base.
A combined Albertsons and Rite Aid would have a value of roughly $24 billion, including debt. When the deal closes, Albertsons shares will trade on the New York Stock Exchange. Albertsons in 2015 filed an IPO it had hoped would value it at as much as $24 billion, including debt, but it canceled that plan.
This deal follows Rite Aid's failed attempt in 2015 to sell to its 4,600 stores to Walgreens. That deal was whittled down by regulators to a purchase of 1,932 stores for $4.37 billion.
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