Walgreens in $17.2B Deal to Acquire Rite Aid

Walgreens said on Tuesday that it will buy rival Rite Aid in a $17.2 billion deal that would whittle the nation's one-time mom-and-pop drug-store industry into two massive chains. The deal would combine the second and third largest drug-store operators, and if it gets regulatory approval intensify the already fierce competition between Walgreens and CVS Health. The tectonic shift in the market comes as pharmacies are grappling with the rapidly changing health care industry, seeking additional negotiating leverage against drug companies and increasingly offering clinical services.