Walgreens to Add 3 Million Online Customers With Purchase of Drugstore.com
TechCrunch submits:
By Leena Rao
Drugstore juggernaut Walgreens (WAG) this morning announced that it will acquire online retailer Drugstore.com (DSCM) in a transaction with a total enterprise value of approximately $409 million. As a result of the merger, Walgreens will acquire the Drugstore.com website in addition to other websites operated by the company, including Beauty.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. Under the terms of the agreement, Drugstore.com stockholders will receive $3.8 in cash for each share of stock, which represents an equity value of approximatelyComplete Story »
- Original article
- Login or register to post comments
