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Walgreens Boots Alliance sells shares of Cencora for $992M of proceeds

Proceeds to Walgreens Boots Alliance will be used primarily for debt paydown and general corporate purposes.
Levy

Walgreens Boots Alliance sold shares of Cencora common stock under Rule 144 for proceeds of approximately $942 million and, subject to the completion of the Rule 144 sale, a concurrent share repurchase by Cencora for approximately $50 million.

The company’s ownership of Cencora’s common stock has decreased from approximately 15% to approximately 13%.

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 company said.

[Read more: Walgreens leaders make 10 healthcare industry predictions for 2024

The sale has no impact on the long-term partnership between the two companies. Walgreens Boots Alliance said it 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.

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