Walgreen to acquire online retailer drugstore.com for about $429 million

Drugstore operator Walgreen said it will spend about $429 million to buy online retailer drugstore.com in a deal that gives 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 — more than double the $1.79 closing price of drugstore.com’s stock on Wednesday. In early trading Thursday, the stock jumped $2 to $3.79. The acquisition will add about 60,000 products to Walgreen’s online offerings, and the Deerfield (IL) company said it will significantly speed up its online strategy. Drugstore.com’s websites include Beauty.com, SkinStore.com and VisionDirect.com. Walgreen, like most retailers, is trying to develop an online presence, something that is imperative going forward, said Scotia Capital analyst Patricia A. Baker.