Walgreen: We have FTC green light

Write: Varick [2011-05-20]

Walgreen says FTC clears Duane Reade purchase

The Illinois-based drugstore chain says the deal to buy 257 Duane Reade stores in the New York metro area will close in a few weeks.

Walgreen Co. said Tuesday that the Federal Trade Commission has cleared its acquisition of New York City drugstore chain Duane Reade, and it expects the sale to be complete in a few weeks.

The sale will give Walgreen 257 Duane Reade stores in the New York metro area, making it the biggest drugstore operator in the largest U.S. market. The company said the deal should be complete by mid-April.

Deerfield, Ill.-based Walgreen agreed to buy privately held Duane Reade Holdings in February for $623 million. The sale includes $457 million in debt held by Duane Reade. The acquired stores will keep the Duane Reade name, Walgreen officials have said.