Business

Walgreens sells its Alliance Healthcare businesses

Posted June 01, 2021 11:00 pm

DEERFIELD - Walgreens Boots Alliance Inc. Wednesday announced it has completed the sale of its Alliance Healthcare businesses to AmerisourceBergen for about $6.5 billion, made up of $6.275 billion in cash and 2 million shares of AmerisourceBergen common stock.

Walgreens said it will use the proceeds to reduce debt and accelerate growth of its core retail pharmacy and health care businesses.

The company has used a portion of the funds to repay the outstanding amount owed on a $3.8 billion term loan, which has eliminated $3.3 billion in debt from the Walgreens' balance sheet, the company said.

The transaction will further build on previously announced initiatives, including Walgreens' investment in VillageMD to support the opening of 600-700 Village Medical at Walgreens primary care clinics, as well as its acquisition of a majority stake in iA, a provider of software-enabled pharmacy automation solutions.

"Completion of this transaction represents a significant step forward in our transformation and will fuel investments to grow WBA's core retail pharmacy and health care businesses," said Rosalind Brewer, CEO, Walgreens Boots Alliance.

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