Walgreen paid $173 million for Kerr Drug
12/30/2013 2:34 PM
12/30/2013 3:01 PM
Walgreen Co. disclosed in a recent regulatory filing that it paid $173 million for Kerr Drug, the Raleigh-based pharmacy chain.
The purchase price wasn’t disclosed when the deal was first announced in September.
Kerr Drug’s drugstores and specialty pharmacy business had sales of $381 million last year.
Walgreen, which operates about 200 stores under its Walgreens brand in North Carolina, acquired all of Kerr’s 76 retail drugstores in the state. Last month, after completing the acquisition, Walgreen said it would close 20 Kerr Drug retail stores, including one in Zebulon. The remaining Kerr Drugs will convert to Walgreens by June of next year.
The $173 million deal did not include Kerr’s long-term-care pharmacy business.
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