Drugstore juggernaut Walgreens this morning announced that it will acquire online retailerDrugstore.com in a transaction with a total enterprise value of approximately $409 million.
As a result of the merger, Walgreens will acquire theDrugstore.com website in addition to other websites operated by the company, includingBeauty.com and SkinStore.com.
Walgreens, which operates 7,689 drugstores across the United States, had fiscal 2010 sales of $67 billion. Walgreens will fund the acquisition with existing cash and anticipates the transaction to close by the end of June 2011.
Founded in 1998, Drugstore.com registered more than $456 million in sales in 2010. Walgreens says it will maintain drugstore.com’s corporate office in Bellevue, Washington, after the merger is completed. Drugstore.com employs approximately 1,000 people.
http://techcrunch.com/2011/03/24/boom-walgreens-buys-online-retailer-drugstore-com-for-409-million/
