Financial terms of the deal were not released.
Walgreens will take over Kerr's 76 retail drugstores and its specialty pharmacy business. The acquisition also includes a distribution center. Kerr Drug will retain ownership of its long-term care pharmacy business.
"The Kerr Drug retail drugstores and specialty pharmacy business are an exceptional addition to the Walgreens family of companies," said Walgreens President and CEO Greg Wasson.
In fiscal year 2012, Kerr Drug's retail drugstores and specialty pharmacy business recorded total sales of $381 million.
The deal is subject to regulatory approval, and is expected to close sometime this year.
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