KKR-backed Alliance Boots increases stake in Anzag

Alliance Boots, which previously held a stake of just under 30% in Anzag, has acquired the 51.65% stake held by Celesio, Phoenix Pharmahandel and Sanacorp Pharmahandel. The offer of €26 per share gives Anzag a market value of less than €260m. The transaction used existing funding and has not required KKR to inject additional capital.

Anzag is headquartered in Frankfurt and operates 24 distribution centres that serve approximately 8,000 customers. In the fiscal year ending 31 August, Anzag recorded revenues of €4.2bn and profits before tax of €40m. The bolt-on forms part of KKR's expansion plans in Europe and the rest of the world for Alliance Boots.

KKR acquired Alliance Boots in a £11.1bn public-to-private deal in 2007. The company employs approximately 115,000 and recorded revenue of ₤17.2bn in 2009.

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