Walgreens Boots Alliance invests more in its German wholesale business
DEERFIELD -- Walgreens Boots Alliance said it has reached an agreement to acquire the remaining 30% share of its joint venture in Germany that supplies wholesale medicines.
Walgreens will buy out Irving, Texas-based McKesson Corp. Financial terms of the deal were not disclosed.
Walgreens' GEHE Pharma Handel and McKesson's Alliance Healthcare Deutschland combined their operations in the German pharmaceutical market in November 2020. In that transaction, Walgreens became the 70% owner of the joint venture. In July, McKesson's announced the sale of certain European businesses and its intention to exit the European region fully.
"We are very pleased to have reached agreement with McKesson to take full control of our joint German pharmaceutical wholesaling operations. This new, exciting step enables Walgreens Boots Alliance to further strengthen its position as a leading pharmaceutical wholesaler in Germany," said Ornella Barra, chief operating officer, International, Walgreens Boots Alliance.
The transaction is subject to standard regulatory clearance by the relevant local authorities.