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Walgreens sells some AmerisourceBergen shares for $694 million

Published 05/11/2023, 11:26 PM
Updated 05/11/2023, 11:33 PM
© Reuters. FILE PHOTO: Walgreens brand Allergy Nasal Spray, owned by the Walgreens Boots Alliance, Inc., is seen for sale in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly

(Reuters) - Walgreens Boots Alliance (NASDAQ:WBA), one of the largest U.S. pharmacies, said on Thursday it has sold some of its shares in drug distributor AmerisourceBergen (NYSE:ABC) Corp for $694 million and will primarily use the proceeds to pay down debt.

AmerisourceBergen will repurchase about $50 million of its common stock from Walgreens in this transaction, the U.S. drugstore chain said, adding that its ownership of AmerisourceBergen's common stock would remain at 17%.

© Reuters. FILE PHOTO: Walgreens brand Allergy Nasal Spray, owned by the Walgreens Boots Alliance, Inc., is seen for sale in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly

The Deerfield, Illinois-based company sold AmerisourceBergen shares for $1 billion last December, cutting its ownership from 20%.

The share sale has no impact on the long-term partnership between the two companies, Walgreens said.

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