NEW YORK (Reuters) - Drugstore chain Walgreen Co said on Wednesday it plans to buy New York-based rival Duane Reade from private equity firm Oak Hill Capital Partners in a deal worth $1.075 billion, including the assumption of Duane Reade's debt.
Walgreen, the largest U.S. drugstore chain, will buy all of Duane Reade's 257 New York City area locations, using its existing cash. The companies expect the deal to close by August 31.
Duane Reade, which is the largest drug store chain in the New York area, had unaudited net sales of $1.8 billion in the 12 months ended Dec, 26, 2009, according to a statement.
Duane Reade will continue to operate under its brand name. Walgreen, which operates 70 stores in the New York area, expects to keep the employees at Duane Reade's stores, pharmacy and distribution centers.
(Reporting by Phil Wahba and Jonathan Stempel; Editing by Derek Caney)
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