Walgreens Boots Alliance Sells Additional Shares in Cencora
U.S. drugstore chain Walgreens Boots Alliance (WBA) has sold more shares in drug distributor Cencora, generating proceeds of approximately $300 million. The sale reduces Walgreens' ownership stake in Cencora from 10% to 6%.
Walgreens previously sold Cencora shares worth $1.1 billion in August. The company has now sold about $265 million in shares, while Cencora has agreed to repurchase about $50 million.
The proceeds from the share sale will be used for debt repayment and general corporate purposes. Walgreens is pursuing a more capital-efficient health services strategy centered around its retail pharmacy footprint.
Walgreens emphasized that the sale does not affect its long-term partnership with Cencora.