Rite Aid in $2.55 Billion Acquisition of Brooks and Eckerd
August 24, 2006
Cleary Gottlieb is representing Rothschild Inc. in its capacity as one of the financial advisors to Rite Aid Corporation in its $2.55 billion acquisition of two drugstore chains, Brooks and Eckerd, which are owned by The Jean Coutu Group (PJC) Inc. The transaction, announced on August 24 and subject to regulatory approval, is expected to close early next year.
Rite Aid is the third largest national drugstore chain in the U.S. in total revenues and store count with annual revenues of $17.3 billion, 3,319 corporate-owned stores in 27 states and the District of Columbia and 70,500 associates. Upon completion of the transaction, there will be approximately 5,000 Rite Aid stores in 31 states and the District of Columbia, with coverage on both the East and West coasts.