News Update: Walgreen Co. (NYSE:WAG) to Acquire Duane Reade

Shares of Walgreen Co. (NYSE:WAG) are trading 1.4% lower to $33.60 premarket Wednesday after the company announced it has reached a definitive agreement to acquire Duane Reade Holdings Inc., operator of a chain of 257 New-York-area drugstores, from affiliates of Oak Hill Capital Partners for about $1.08 billion, including debt assumption.

Walgreen called the deal "a compelling strategic acquisition."

In addition, Walgreen said the acquisition would be dilutive to its earnings in the first year after closing but accretive to earnings in the second year and beyond.

Duane Reade stores will retain their name after the acquisition.

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