Kroger buys Rite Aid for $1 billion

Kroger has announced a $1.5 billion deal to acquire Rite Aid, which it acquired for $7 billion in February.

“Today, we’re proud to announce the acquisition of Rite Aid as a wholly-owned subsidiary of Kroger,” Kroger CEO Jeff Bezos said in a statement.

“Rite Aid will continue to be a leader in pharmacy innovation and provide the perfect complement to our family of brands, and we’re very excited to continue our partnership.”

The transaction is expected to close in the second half of 2017.

The combined company will be headed by CEO Jeff Bewkes.

“We have always believed in a global pharmacy market and have worked hard to find the right partners to take our pharmacy business to the next level,” Krogers CEO Jeff “Piggy” Bezos said.

“With the acquisition, we will build on our longstanding relationships with Rite Aid and add an even bigger pharmacy experience to our stores, and our customers will have the best value and service of any pharmacy brand in the U.S.”