Walgreens Boots Alliance sells $400m of Cencora shares, funds to aid debt reduction

Walgreens Boots Alliance, Inc. (Nasdaq: WBA), a leading player in the global healthcare and retail pharmacy sector, announced the sale of approximately $400 million worth of shares in Cencora, Inc. (NYSE: COR). This transaction decreases Walgreens Boots Alliance’s ownership in Cencora from about 13% to 12%.

Strategic Financial Management

The proceeds from this significant financial transaction will be used primarily for debt reduction and general corporate purposes. This move is part of Walgreens Boots Alliance’s broader strategy to cultivate a more capital-efficient health services framework. Anchored in its extensive retail pharmacy network, the strategy is designed to deliver enhanced care to communities and create substantial value for business partners.

Sustained Partnership Despite Share Sale

Despite the reduction in shareholding, the long-standing partnership between Walgreens Boots Alliance and Cencora remains unaffected. The companies continue to uphold a strategic alliance that has been strong and beneficial since its inception in 2013. Ornella Barra, Chief Operating Officer, International of Walgreens Boots Alliance, will maintain her position on Cencora’s Board of Directors, signifying ongoing collaborative ties.

Background on Cencora, Inc.

Cencora, previously known as AmerisourceBergen, is a top pharmaceutical solutions company with a focus on improving human and animal health globally. It emerged from the merger of Bergen Brunswig and AmeriSource in 2001 and became a significant entity in the drug wholesale and contract research sectors.

Walgreens Boots Alliance: A Pillar in Healthcare

With around 12,500 locations across the U.S., Europe, and Latin America, Walgreens Boots Alliance plays a pivotal role in the healthcare ecosystem. It serves millions of customers and patients daily, backed by a heritage of over 170 years in community care.

This transaction underscores Walgreens Boots Alliance’s commitment to refining its financial health and continuing its mission in the healthcare sector. By reallocating resources towards reducing debts and enhancing service delivery, the company is positioning itself for sustained growth and effectiveness in meeting the healthcare needs of communities globally.