A drugstore giant is in the making as Walgreens Boots Alliance Inc. agreed to buy Rite Aid Corp. for about $9.4 billion. The purchase of Rite Aid is seen as a way for two of the nation's most prominent drugstore chains to bulk up amid growing competition and the rapidly-changing healthcare industry, according to The Wall Street Journal.

Walgreens paid Rite Aid $9 a share in cash, which is a 48 percent premium over the drugstore chain's closing price in the stock exchange on Monday. The merger seems to be received well by investors, as Rite Aid's stocks rose 43 percent to $8.67 and Walgreen's stocks rose 6.4 percent to $95.16 on Tuesday.

Though the announcement of the merger is official, very little is known about the effects it will have on the two companies. As of writing, neither Walgreens nor Rite Aid has stated whether there will be store closings or layoffs resulting from the integration of the two companies, reported The Los Angeles Times.

However, it is expected that Rite Aid will continue operating under its own brand name after the merger, which is expected to be completed in the second half of next year.

Walgreens Boots Alliance Chief Executive Stefano Pessina stated that the combination of the two companies will benefit consumers greatly, due to the increased scope of the merged companies.

"This combination will further strengthen our commitment to making quality healthcare accessible to more customers and patients," he said.

Walgreens currently operates about 8,200 stores across the United States, while Rite Aid operates about 4,600 in 31 states. With the merger, the two companies would create arguably the most powerful drugstore chain in the country.

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