In a move rivaling its top competitor's 2008 acquisition of Longs Drugs, Walgreens (NYSE, NASDAQ: WAG) is acquiring New York-based drugstore chain Duane Reade from its private equity owners, Oak Hill Capital Partners, for $1.075 billion, which includes assumption of debt. If the transaction closes as expected by the end of August, Walgreens will be the proud new owner of Duane Reade's 257 New York City area stores, its corporate office and its two distribution centers.