Walgreen to Purchase 16 Hi-School Stores

Walgreen Co., the largest U.S. drugstore chain, agreed to buy 16 stores in Oregon and Washington from Hi-School Pharmacy Inc., the company’s first acquisition in 17 years. Terms weren’t disclosed.

Eleven stores and patient prescription records from five more are being bought from closely held Hi-School, Deerfield, Ill.-based Walgreen said. The records will be transferred to nearby stores operated by Walgreen.

Hi-School, based in Vancouver, Wash., will continue to operate 25 stores in Oregon, Washington and California.

Shares of Walgreen, which operates more than 4,100 stores, fell 7 cents to $31.45 on the NYSE.