Walgreen To Snap Up Duane Reade For $1.1B

Law360, New York (February 17, 2010, 12:41 PM EST) -- Drugstore heavyweight Walgreen Co. has reached a deal to acquire New York-based pharmacy chain Duane Reade Holdings Inc. in a cash transaction valued at $1.075 billion, including the assumption of debt.

Announcing the deal Wednesday, Walgreen said it planned to buy Duane Reade from affiliates of private equity firm Oak Hill Capital Partners using existing cash. The deal is expected to close before the end of Walgreen's fiscal year, which ends Aug. 31.

Duane Reade is the largest drugstore chain in the New York metropolitan area....
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