Boots awaits full takeover by US chain Walgreens
Alliance Boots, the company behind hight-steet retailer Boots the Chemist is set to be fully acquired by US drugstore chain Walgreens in a deal said to be worth around £5bn.
The purchase will see Walgreens, which already owns a 45 per cent stake in the company, become one of the biggest pharmaceutical companies in the world with 11,000 shops in 12 countries, according to the Telegraph.
Details of the takeover, including the transaction’s timing and structure, the combined management teams and cost reduction initiatives, are set to be announced via a conference call for investors at 1pm.
The US-headquartered Walgreens said it would remained domiciled in the region, shunning a tax inversion which would involve the company relocating to Alliance Boot’s Swiss base.
Walgreens and Alliance Boots announced a long-term strategic partnership in June 2012, when Walgreens acquired a 45 per cent equity ownership stake in Alliance Boots, with an option to proceed to a full combination by acquiring the remaining 55 per cent of Alliance Boots between February 2015 and August 2015. The combination of the two companies would create the first global pharmacy-led, health and wellbeing enterprise.
On Monday (4 August) Walgreens announced the appointment of Timothy McLevish as executive vice president and chief financial officer to lead the company’s finance functions as it prepares to move forward with its partnership with Alliance Boots.