Walgreens Boots Alliance has won regulatory approval to take over a clutch of Rite Aid’s stores and warehouses after scaling back its planned acquisition.

The health and beauty giant, which scrapped its proposed acquisition of pharmacy chain rival Rite Aid in June, has won regulatory clearance for its amended proposal to snap up 1,932 of the retailer’s stores and related assets for $4.37bn (£3.23bn).

The pharmacy retail group will also obtain three of Rite Aid’s distribution centres in the deal.

Walgreens Boots Alliance will commence purchases of Rite Aid’s stores next month, with the transaction slated for completion next spring.

The retail giant will convert its swathe of new stores to Walgreen fascias “in carefully planned phases over time”, and transition of the group’s new distribution centres will not begin for at least a year.

The health and beauty group expects the acquisition to benefit the business to the tune of $300m within four years.

Executive vice chairman and chief executive Stefano Pessina said: “Combining Walgreens’ retail pharmacy network with a strong portfolio of Rite Aid locations is expected to help us achieve enhanced, sustainable growth while enabling us to broaden our reach and provide greater access to convenient, affordable care in more local neighbourhoods across the United States.

“We are confident in the path ahead and look forward to working together to shape the future of healthcare and deliver on the full potential these stores bring to our network.”