Walgreens to buy stores from El Amal

According to Walgreens, the acquisition is expected to close in the first quarter of 2008. El Amal will continue operating its other 41 stores in Puerto Rico. Terms of the transaction were not disclosed, and it is subject to customary closing conditions.

“This is an excellent opportunity for us to meet the pharmacy needs of more patients in Puerto Rico,” said Walgreens chairman and ceo Jeffrey Rein. “We have a long history on the island and a good understanding of our customers there. The agreement also ensures area residents will continue to have access to pharmacy services at these 20 locations. El Amal’s customers will see the same employees in the stores and will benefit from the added pharmacy and retail services that Walgreens offers.” 

 

Walgreens currently operates 73 stores in Puerto Rico.