FTC clears Walgreens' acquisition of Duane Reade

DEERFIELD, Ill. Walgreens has received regulatory clearance from the Federal Trade Commission needed to acquire Duane Reade, the drug store chain announced Tuesday.

“We’re clear to move forward and complete the Duane Reade acquisition, which will immediately give Walgreens a leading position in the nation’s largest drug store market,” said Walgreens president and CEO Greg Wasson. “We look forward to combining the strengths of our two companies to best serve our customers in the New York metropolitan area and the many communities we serve nationwide, while also creating real value for our shareholders.”

Last month, Walgreens signed a definitive agreement under which Walgreens will acquire Duane Reade from affiliates of Oak Hill Capital Partners. In the cash transaction, Walgreens will acquire all 257 Duane Reade drug stores in the New York metropolitan area, as well as the corporate office and two distribution centers.

Walgreens expects to complete the acquisition in early to mid-April.