(AP) - Walgreens and Rite Aid will sell 865 stores to rival retailer Fred's for $950 million, possibly removing the final roadblock preventing the tie up between the nation's largest and third-largest drugstore chains.
Wall Street certainly saw it that way, sending shares of Rite Aid up nearly 6 percent before the opening bell Tuesday.
Walgreens says it's working to close its $9.4 billion purchase of Rite Aid early next year. It said that it's selling the Rite Aid stores in response to concerns raised by federal anti-trust regulators.
Walgreens Co. said in October 2015 that it planned to buy Rite Aid Corp. in a deal that would create about 12,000 U.S. locations, or several thousand more than its closest competitor, CVS Health Corp.
(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)