Walgreens Boots Alliance has sold shares of AmerisourceBergen for proceeds of $1 billion, which will be used to help fund Walgreens-backed VillageMD’s acquisition of Summit Health, Forbes reports.
Walgreens Thursday night said its stock ownership stake in AmerisourceBergen, a large drug distributor, has now “decreased from approximately 20 percent to approximately 17 percent.”
Proceeds of the stock sale will be used “primarily for debt paydown and the funding of the company’s strategic priorities, including the definitive agreement for VillageMD to acquire Summit Health-CityMD.”
Last month, Walgreens-backed doctor-staffed clinic operator VillageMD announced plans to buy Summit Health for $8.9 billion to expand doctor-staffed clinics across the country. The transaction includes investments from Walgreens Boots Alliance, which already owns more than 60% of VillageMD, and Cigna’s health services business Evernorth. Read more.
