Walgreens sells more shares in Cencora; cuts stake to 6%

Published 02/06/2025, 10:25 PM
Updated 02/06/2025, 10:30 PM
Walgreens sells more shares in Cencora; cuts stake to 6%

(Reuters) - U.S. drugstore chain Walgreens Boots Alliance (NASDAQ:WBA) said on Thursday it has sold more shares in drug distributor Cencora for proceeds of about $300 million.

The company said that it now owns a 6% stake in Cencora, trimming it down from 10% it previously held. It sold Cencora shares worth $1.1 billion in August.

Walgreens has sold about $265 million worth of shares and Cencora has agreed to repurchase about $50 million worth of shares, the company said in a statement.

© Reuters. FILE PHOTO: Signage is seen outside of a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly/File Photo

Proceeds from the share sale will be used primarily for debt pay down and general corporate purposes, as Walgreens continues to build out a more capital-efficient health services strategy rooted in its retail pharmacy footprint.

The pharmacy chain reiterated that the sale has no impact to the long-term partnership between the two companies.

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