Walgreen offersv to buy Duane Reade to become biggest drugstore chain in New York City

Summary Box: Walgreen will buy Duane Reade

BE A PART OF IT: Walgreen Co. is buying Duane Reade, the biggest drugstore chain in New York City. Walgreen is paying $623 million for the stores and will assume $457 million in debt. Duane Reade is currently owned by Oak Hill Capital.

BIG CITY: Duane Reade runs 257 stores in the New York City area. Walgreen has about 70 locations in the area and will have about 7,400 nationwide after the sale is complete.

NEW LOOK, SAME NAME: Like Walgreen, Duane Reade is remodeling many of its stores. Walgreen plans to keep the Duane Reade name, which comes from two lower Manhattan streets.