Walgreens lowers ownership stake in Option Care Health

DEERFIELD - Walgreens Boots Alliance Inc. Thursday said it will 13 million shares of Bannockburn-based Option Care Health Inc.'s common stock at a price to the public of $30.75 per share.

The sale is expected to close Friday, March 3. As part of the stock offering, a concurrent share repurchase by Option Care will be in the amount of about 2.5 million shares for approximately $75 million. Option Care said it intends to fund the concurrent share repurchase with cash on hand.

After the sale, Walgreens Boots Alliance's ownership of Option Care's common stock will decrease from approximately 14% to approximately 6%.

Walgreens Boots Alliance intends to use the proceeds primarily for debt paydown and the continued support of the company's strategic priorities, it said.

Option Care is the nation's largest independent provider of home and alternate site medical infusion services. With more than 7,500 employees, including 4,500 clinicians, the company provides care for patients with acute and chronic conditions in all 50 states.