By slowing growth in 2009, Walgreens will open up about $500 million in capital over the next three  years, which chief executive Jeffrey Rein told The Wall Street Journal the company will use to acquire health-care services providers.  

Walgreens has been acquiring clinics as well as expanding its presence in hospitals and assisted-living facilities to compete with CVS and Medco Health Solutions. In March Walgreens formed a Health and Wellness division, which consists of convenient care clinics located within Walgreens drugstore. The division was formed through the acquisition of I-trax, Inc and Whole Health Management of Cleveland. Take Care Health Systems. Hal Rosenbluth, was recently named corporate senior vice president of the division. There will most likely be more acquisitions in this area as Walgreens plans to expand its number of clinics from 183 clinics to 400 by the end of 2008.

Walgreens will also likely make more acquisitions in its specialty pharmacies and services division, one of the fastest-growing healthcare segments. In June Walgreen's announced it had acquired CuraScript Infusion Pharmacy, Inc., a home infusion pharmacy division that provides treatments for immune deficiency, chemotherapy and pain management. Walgreens also acquired OptionCare Enterprises in July 2007 for $850 million in cash. Michael Nameth, the executive vice president for pharmacy benefit management and specialty pharmacy at Walgreens Health Services division, was the man behind the deals. He was recently promoted to a corporate divisional vice president for Walgreens. - Maria Woehr