(Reuters) - U.S. drugstore chain Walgreens Boots Alliance (NASDAQ:WBA) on Wednesday said it has cut its stake in pharmaceutical distributor Cencora for the third time in just over six months, pocketing about $992 million.
The proceeds include around $942 million from shares sold as well as about $50 million from a concurrent share repurchase by Cencora, formerly AmerisourceBergen (NYSE:COR).
Walgreens has been grappling with waning demand for COVID-19 vaccines and testing as well as decreased spending on personal care and beauty products by inflation-weary consumers.
It said it now owns around 13% of Cencora's common stock from 15% previously, and that it would use the sale proceeds primarily to pay down debt.
The sale will have no impact on their long-term partnership and Walgreens' chief operating officer, international, Ornella Barra, will continue to serve on Cencora's board of directors, Walgreens said.
Walgreens sold Cencora shares worth about $674 million in November 2023 and earned about $1.85 billion from a sale in August.
Cencora changed its name from AmerisourceBergen in the second half of 2023 as part of efforts to expand internationally beyond drug distribution.