Walgreens will strengthen its multichannel presence with this purchase and gets immediate access to more than 3 millions Drugstore.com customers. It will also block other customers like Rite Aid which has had a partnership with Drugstore.com for many years now.
One of the biggest names in the online retail category for prescription drugs and health and beauty supplies is being acquired by one of nation’s largest drugstore chains.
This morning Walgreen Co., No. 68 in the Internet Retailer Top 500 Guide, announced plans to buy Drugstore.com, No. 46, in a deal valued at $429 million. Under the terms of the deal, Walgreens will pay $3.80 per share for Drugstore.com’s common stock. Walgreens expects the deal to close by the end of June.
“Our acquisition of Drugstore.com today significantly accelerates our online strategy to leverage the best community store network in America by becoming the most convenient choice for health and daily living needs whether customers shop online or in our stores,” says Walgreens CEO Greg Wasson. “This acquisition offers a unique opportunity that will provide us immediate access to more than 3 million savvy, online loyal customers, and will allow us to move even closer to our existing customers through relationships with new vendors and partners, adding approximately 60,000 products to our already strong online offering.”