INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS
25 March 2011 - US pharmacy chain Walgreen (NYSE:WAG) has agreed to purchase Drugstore.com (NASDAQ:DSCM) for USD409m (EUR288m), in line with its strategy to establish a stronger presence online, the Financial Times reported.
The deal, announced on Thursday, is pitched at USD3.80 per share in cash, a premium of 113% to Wednesday's close.
Walgreen is acquiring a company that markets over 60,000 products and last year generated sales of USD456m.
As part of the transaction, which is expected to be completed in June, the chain will also take over Beauty.com, SkinStore.com and VisionDirect.com that belong to Drugstore.com.
Walgreen was advised by Credit Suisse Securities, while Drugstore.com by Allen & Company and Sonenshine Partners.
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