PHILADELPHIA–(BUSINESS WIRE)–Rite Aid Corporation (OTC: RADCQ) today announced it has completed the previously announced sale of its Elixir Solutions business to MedImpact Healthcare Systems, Inc. for approximately $576.5 million.
“We are pleased to finalize the sale of Elixir, marking another important milestone in our transformation to strengthen our long-term financial position,” said Jeffrey S. Stein, Rite Aid’s CEO and Chief Restructuring Officer. “We believe this transaction is a great outcome for Rite Aid and our stakeholders, including our Elixir colleagues and the customers, clients and members they serve. Importantly, this divestiture will better position Rite Aid for long-term success as we continue to evolve our portfolio to focus on the healthcare products, services and solutions that are core to our future.”
Rite Aid provides leading healthcare products and services to its customers every day as it continues to make progress in its court-supervised restructuring process and implement its go-forward business plan, Rite Aid 2.0.
Additional Information
Additional information related to the Elixir transaction and Rite Aid’s restructuring proceedings are available at https://restructuring.ra.kroll.com/RiteAid.
Kirkland & Ellis LLP is serving as Rite Aid’s legal counsel, Guggenheim Securities is serving as investment banker, and Alvarez & Marsal is serving as transformation officer and financial advisor.
About Rite Aid Corporation
Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries Health Dialog and Bartell Drugs. Health Dialog provides healthcare coaching and disease management services via live online and phone health services. Regional chain Bartell Drugs has supported the health and wellness needs in the Seattle area for more than 130 years. Rite Aid employs nearly 6,000 pharmacists and operates more than 1,700 retail pharmacy locations across 16 states. For more information, visit www.riteaid.com.
