Walgreen is buying Drugstore.com for $429 million

DEERFIELD, Ill. (AP) — Drugstore operator Walgreen (WAG) says it will spend about $429 million to buy online retailer Drugstore.com (DSCM), giving it access to 3 million online customers.

The largest U.S. drugstore operator will give Drugstore.com shareholders $3.80 in cash for each share of stock in a deal it expects to close by the end of June. The price Walgreen pays will total about $409 million, as it picks up Drugstore.com’s $20 million in cash.

The acquisition will add about 60,000 products to Walgreen’s online offerings, and the Deerfield, Ill., company said it will significantly speed up its online strategy. Drugstore.com’s presence in health, personal care, beauty and vision “will compliment and extend many of our own multi-channel initiatives that have been driving growth in our business,â€