Walgreens to proceed with takeover of Alliance Boots
US pharmacy giant Walgreens is expected to announce that it is to proceed with its takeover of health and beauty retailer Alliance Boots by buying the 55% of shares that it does not already own.
Walgreens and Alliance Boots embarked on a long-term strategic partnership in June 2012 when Walgreens invested approximately $6.7 billion for a 45% equity ownership stake in the company.
The deal also gave Walgreens the option to buy the UK retailer outright by acquiring the remaining 55% of Alliance Boots between February 2015 and August 2015.
Walgreens is now expected to reveal as soon as today that it will exercise that option in a deal costing around £5 billion.
The transaction will result in the two companies becoming the global leader in pharmacy-led, health and wellbeing retail with over 11,000 stores in 12 countries.
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