Company deploying proceeds of $6.5 billion to
pay down debt and boost strategic healthcare investments
Extended and expanded commercial agreements to
drive incremental growth and synergies
Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced it
has completed the sale of its Alliance Healthcare businesses to
AmerisourceBergen for total consideration of approximately $6.5
billion, made up of $6.275 billion in cash (subject to a customary
net cash and working capital adjustment) and 2 million shares of
AmerisourceBergen common stock. The company will use the cash
proceeds to reduce debt and accelerate growth of its core retail
pharmacy and healthcare businesses.
The company has used a portion of the funds to repay the
outstanding amount owed on a $3.8 billion term loan that funded the
bond tender completed by the company on April 26, 2021. This has
eliminated $3.3 billion in debt from the company’s balance sheet.
The remaining net cash proceeds are planned to be invested in
strategic opportunities and to expand healthcare offerings to help
accelerate the company’s growth strategy.
These investments will further build on previously announced
initiatives, including WBA’s investment in VillageMD to support the
opening of 600-700 Village Medical at Walgreens primary care
clinics, as well as WBA’s acquisition of a majority stake in iA, a
leading-edge provider of software-enabled pharmacy automation
solutions.
“Completion of this transaction represents a significant step
forward in our transformation and will fuel investments to grow
WBA’s core retail pharmacy and healthcare businesses,” said
Rosalind Brewer, CEO, Walgreens Boots Alliance. “Through these and
other investments, WBA looks to bring even more innovative
healthcare offerings to our customers and patients, as we further
accelerate our strategic priorities.”
WBA and AmerisourceBergen will also execute on the expansion and
extension of commercial agreements that are expected to drive
incremental growth and synergies.
About Walgreens Boots Alliance
Walgreens Boots Alliance (Nasdaq: WBA) is a global leader in
retail pharmacy, impacting millions of lives every day through
dispensing medicines, and providing accessible, high-quality care.
With more than 170 years of trusted healthcare heritage and
innovation in community pharmacy, the company is meeting customers’
and patients’ needs through its convenient retail locations,
digital platforms and health and beauty products.
Including equity method investments, WBA has a presence in more
than 25 countries, employs more than 450,000 people and has more
than 21,000 stores.
WBA’s purpose is to help people across the world lead healthier
and happier lives. The company is proud of its contributions to
healthy communities, a healthy planet, an inclusive workplace and a
sustainable marketplace. WBA is a participant of the United Nations
Global Compact and adheres to its principles-based approach to
responsible business.
WBA is included in FORTUNE’s 2021 list of the World’s Most
Admired Companies*. This is the 28th consecutive year that WBA or
its predecessor company, Walgreen Co., has been named to the
list.
More company information is available at
www.walgreensbootsalliance.com.
*© 2021, Fortune Media IP Limited. Used under license.
(WBA-GEN)
Cautionary Note Regarding Forward-Looking Statements:
All statements in this release that are not historical are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These include, without limitation, statements about the divestiture
and related strategic transactions, the expected use of proceeds
from the divestiture, the benefits and synergies of the divestiture
and related strategic transactions, and future opportunities for
WBA. They also include any other statements regarding WBA’s future
operations, financial or operating results, capital allocation,
anticipated debt levels and ratios, future earnings, planned
activities, anticipated growth, market opportunities, strategies,
competition, and other expectations and targets for future periods.
Words such as “expect,” “likely,” “outlook,” “forecast,”
“preliminary,” “pilot,” “project,” “intend,” “plan,” “goal,”
“target,” “aim,” “continue,” “ “believe,” “seek,” “anticipate,”
“upcoming,” “may,” “possible,” and variations of such words and
similar expressions are intended to identify such forward-looking
statements.
These forward-looking statements are not guarantees of future
performance and are subject to risks, uncertainties and
assumptions, known or unknown, that could cause actual results to
vary materially from those indicated or anticipated. These risks,
assumptions and uncertainties include those described in Item 1A
(Risk Factors) of our Annual Report on Form 10-K for the fiscal
year ended August 31, 2020 and in other documents that we file or
furnish with the Securities and Exchange Commission. If one or more
of these risks or uncertainties materializes, or if underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking
statements. All forward-looking statements we make or that are made
on our behalf are qualified by these cautionary statements.
Accordingly, you should not place undue reliance on these
forward-looking statements, which speak only as of the date they
are made.
We do not undertake, and expressly disclaim, any duty or
obligation to update publicly any forward-looking statement after
the date of this release, whether as a result of new information,
future events, changes in assumptions or otherwise.
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