Walgreen Co. purchases regional chain in growth push

Walgreen Co. took another step Thursday in its push to grow through acquisitions when it announced the $438 million purchase of a regional chain that operates USA Drug, Super D and May's drugstores.

The Deerfield, Ill., company also said monthly sales fell once again in June, as a split with pharmacy benefits manager Express Scripts Holding Co. continued to hurt business.

Walgreen plans to buy 144 stores in a chain focused on the mid-South from the privately held Stephen L. LaFrance Holdings Inc., which is based in Little Rock, Ark.

Its stores are located in Arkansas, Kansas, Mississippi and Missouri, among other states.

The deal, expected to close around Sept. 1, is much smaller than the $6.7 billion in cash and stock that last month Walgreen officials announced the company will spend for a stake in European health and beauty retailer Alliance Boots, the largest drugstore chain in the United Kingdom.