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Walgreens Takes Manhattan and Other NYC Boroughs, Too
February 18, 2010
FROM RETAILWIRE:
Walgreens announced yesterday that it had signed an agreement to acquire privately-held Duane Reade from Oak Hill Capital Partners in a cash transaction valued at $1.075 billion. Do you have any concerns about the effects of consolidation in the drugstore channel?
[more...]
This was a great real-estate play by Walgreens. It is very tough to acquire key retail locations in NYC and by purchasing Duane Reade they accomplished it with one move. This has to be one of the smartest acquisitions made in retail in the last decade. I am really surprised that there was not a bidding war.
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