Camp Hill, Pa.-based Rite Aid completed the pilot closing and first phase of its asset sale to Deerfield, Ill.-based Walgreens Boots Alliance Nov. 27.
The organizations entered into a $4.38 billion amended agreement in September, under which Walgreens will purchase 1,932 stores, three distribution centers and related inventory from Rite Aid.
The first phase of the process included the transfer of 97 Rite Aid stores and related assets to Walgreens.
Officials expect to continue the ownership transfer in several phases during the next few months, and aim to complete the process in spring 2018.
"Successfully completing the pilot closing and first subsequent closings marks an important step in realizing the full benefits of this transaction," said Rite Aid Chairman and CEO John Standley. "I am proud of the entire Rite Aid team for their commitment and dedication to helping us reach this milestone. I also want to thank our team for their continued support as we complete the transfer process over the next several months and implement our plans to deliver improved results."