News Summary: Walgreen buys Kerr Drug's stores

News Summary: Walgreen buying Kerr Drug's retail drugstores, specialty pharmacy business

Associated Press

MORE DRUGSTORES: Walgreen Co. plans to buy Kerr Drug's 76 retail drugstores, its specialty pharmacy business and a distribution center, helping the nation's largest drugstore chain expand in North Carolina. Terms were not disclosed.

THE COMBINATION: Kerr Drug's retail drugstores and specialty pharmacy business had fiscal 2012 sales of $381 million. In contrast, Walgreen recorded nearly $72 billion in revenue during fiscal 2012. It has 8,117 drugstores.

THE PLANS: Walgreen said Tuesday it expects the acquisition to close this year. Once complete, Kerr Drug's retail drugstores will continue to run under their current brand in the near term.