
KKR-backed Boots in deal with drug wholesaler AmerisourceBergen
Alliance Boots, backed by KKR and Axa Private Equity, and its US owner the pharmaceutical retailer Walgreens have struck a deal with US drug wholesaler AmerisourceBergen, according to reports.
The deal would give Walgreens and Alliance Boots the option to acquire a stake of up to 23% in the drug wholesaler, which is reported to be worth $2.5bn. Up to 7% can be bought in the open market, with a remaining 16% available for purchase at a later date.
Walgreens currently has a distribution deal with Cardinal Health, which will end in favour of a 10-year distribution deal with AmerisourceBergen. Walgreens' share price rose 5.4% after the announcement of the wholesale deal.
KKR and Axa PE made a partial exit from Alliance Boots in 2012, following a cash and shares offer from Walgreens, which acquired a 45% stake for around £4.3bn. Walgreens will have the option to buy the remaining Boots shares by 2015.
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