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In a deal with enormous retail implications, Walgreens Boots Alliance late Tuesday announced it would acquire Rite Aid for $17.2 billion in cash for the company’s shares and debt. When the deal closes, Walgreens would be acquiring 4,570 Rite Aid RAD -14.29% stores in 31 states. Walgreens currently has more than 8,200 U.S. stores of its own, putting the potential combined store count near 13,000, with annual revenues north of $100 billion. By comparison, CVS Health, of Woonsocket, R.I., has about 7,800 stores but has also expanded more aggressively in the managed care area of health care.
Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) sent a letter on Friday accusing big cable companies of using monopoly powers to muscle consumers into paying higher prices.
In the letter, addressed to Federal Communications Commission Chairman Tom Wheeler, Sanders and Warren wrote that mega-mergers have left over 60 percent of Americans with no choice whatsoever when it comes to their cable and Internet providers. This state of things, they wrote, makes it possible for companies to jack up prices without losing customers to competition. Sens. Al Franken (D-Minn.) and Ed Markey (D-Mass.) also signed the letter.