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HomeHealthHealth careWalgreens sells off more stock to fund Summit Health purchase

Walgreens sells off more stock to fund Summit Health purchase

The newest sale diminished Walgreens’ possession of AmerisourceBergen widespread inventory from about 20% to about 17%, Walgreens mentioned in its assertion.

Walgreens also sold $2 billion of the corporate’s inventory in early November, and it bought 6 million shares at $150 every in May, in response to a press release, elevating $900 million. The newest sell-off brings the overall funds raised this 12 months to just about $4 billion.

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Walgreens held 52.9 million shares in AmerisourceBergen, a 25.5% stake, as of Aug. 2, in response to knowledge compiled by Bloomberg.

Walgreens mentioned Thursday it will use the proceeds to each pay down debt and fund strategic priorities, together with its definitive settlement for VillageMD to acquire Summit Health-CityMD for $9 billion.

Walgreens additionally mentioned that the inventory gross sales don’t change the strategic partnership it has had with the drug wholesaler since 2013. 

Walgreens’ worldwide Chief Operating Officer Ornella Barra will proceed to serve on AmerisourceBergen’s board of administrators, the assertion mentioned.

This story first appeared in Crain’s Chicago Business.



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