Fred’s shares surge on deal to sell some pharmacy files to Walgreens

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Shares of Fred’s surged 60 p.c in early commerce Monday morning after asserting it would promote some pharmacy information to Walgreens for at the very least $165 million.

Walgreens will buy information and associated pharmacy stock of 185 Fred’s shops throughout 10 Southeast states. As a part of the deal, Walgreens can pay $165 million, topic to adjustment, plus an quantity equal to the worth of associated pharmacy stock.

The businesses count on to begin transferring information within the fourth quarter and full the method within the first quarter of subsequent yr. As soon as full, Fred’s will proceed to function about 162 pharmacies throughout practically 600 shops.

“With this settlement, we’ve got taken a significant step in direction of attaining one in all our fundamental objectives of eliminating our debt steadiness,” mentioned Fred’s interim CEO and CFO Joe Anto.

Fred’s sufferers will obtain letters notifying them of the switch.

“This settlement will increase affected person entry to Walgreens pharmacies within the Southeastern U.S., and permits us to introduce extra folks to Walgreens trusted pharmacy companies in these communities,” mentioned Walgreens President of Operations Richard Ashworth.

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