Rite Aid will acquire Seattle-based pharmacy chain Bartell Drugs for $95 million, the company announced Oct. 7.
Bartell Drugs has 67 pharmacies in Washington state and will continue to operate under its original name.
Rite Aid said Bartell generates more than $550 million in annual revenue and fills about 5.5 million prescriptions every year.
"The acquisition of Bartell's fits perfectly into and accelerates our RxEvolution strategy, as our companies share a commitment to total health and wellness, the importance of the pharmacist as a trusted health adviser and the critical role the neighborhood pharmacy plays. Expansion within the growing Seattle area will allow Rite Aid to better serve customers, health plans and healthcare providers," said Rite Aid CEO Heyward Donigan.
The deal is expected to close by the end of Rite Aid's 2021 fiscal year. The company updated its previously issued fiscal 2021 guidance. Capital expenditures are now expected to be between $300 million and $325 million, and free cash flow is expected to be $60 million to $135 million.
Read the full news release here.