Walgreen buys Drugstore.com for $429m

US-based pharmacy retailer Walgreen has bought online retailer Drugstore.com for $429m (£265), giving it access to 3 million online customers.

The acquisition will add about 60,000 products to Walgreen’s online offerings, and the company said it will significantly speed up its online strategy.
Drugstore.com’s presence in health, personal care, beauty and vision “will compliment and extend many of our own multi-channel initiatives that have been driving growth in our business,” Walgreen said.
Drugstore.com’s websites include Beauty.com, SkinStore.com and VisionDirect.com.
The largest US drugstore operator will give Drugstore.com shareholders $3.80 in cash for each share of stock in a deal it expects to close by the end of June. The price Walgreen pays will total about $409 million, as it picks up Drugstore.com’s $20 million in cash.