Walgreens Boots Alliance Sells All Remaining Unencumbered Shares Of Cencora For ~$1.1B Of Proceeds; Walgreens Boots Alliance's Ownership Of Cencora's Common Stock Has Decreased From ~12% To ~10%

Author: Benzinga Newsdesk | August 01, 2024 06:22pm

Transaction Highlights

• Walgreens Boots Alliance announces sale of all remaining unencumbered shares of Cencora, Inc. for proceeds of approximately $1.1 billion
• $818 million sold pursuant to Rule 144 along with a concurrent share repurchase by Cencora of $250 million
• Proceeds to Walgreens Boots Alliance will be used primarily for debt paydown and general corporate purposes
• No change to ongoing collaboration and long-term strategic partnership

Walgreens Boots Alliance, Inc. (NASDAQ:WBA) today announced that it has sold all of its remaining unencumbered shares of Cencora, Inc. (NYSE:COR) common stock pursuant to Rule 144 for proceeds of $818 million and, subject to the completion of the Rule 144 sale, a concurrent share repurchase by Cencora in the amount of $250 million.

Walgreens Boots Alliance's ownership of Cencora's common stock has decreased from approximately 12 percent to approximately 10 percent.

Proceeds to Walgreens Boots Alliance will be used primarily for debt paydown and general corporate purposes, as the company continues to build out a more capital-efficient health services strategy rooted in its retail pharmacy footprint.

The sale has no impact to the long-term partnership between the two companies. Walgreens Boots Alliance remains fully committed to the strategic, mutually beneficial relationship with Cencora, which has been a strong and trusted partner since 2013. Chief Operating Officer, International of Walgreens Boots Alliance, Ornella Barra, will continue to serve on Cencora's Board of Directors.

Posted In: COR WBA