Drugstore chain Walgreens Boots Alliance Inc.
WBA,
on Thursday said it had sold shares of drug distributor Cencora Inc.
COR,
for approximately $424 million. Walgreens also entered into a share repurchase by Cencora, formerly known as AmerisourceBergen, for proceeds of roughly $250 million. Walgreens said its ownership of Cencora’s common stock fell due to the repurchase by Cencora, “but remains at approximately 15%.” The drugstore chain said it planned to use the proceeds to repay debt and for general business operations. “The transaction is another decisive action to further simplify the company’s portfolio, while improving cash management,” Walgreens said, adding that it “remains fully committed to the strategic, mutually beneficial relationship with Cencora,” a partner with Walgreens since 2013.
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