Walgreens Boots Alliance Sells Cencora Shares for $1.1 Billion

Cleary Gottlieb represented Walgreens Boots Alliance (WBA) in the sale of shares of Cencora Inc. (Cencora) pursuant to Rule 144 for proceeds of approximately $818 million, along with a concurrent share repurchase by Cencora of approximately $250 million for total proceeds of approximately $1.1 billion.

The transaction launched on August 1, 2024, and closed on August 5, 2024. Proceeds to WBA will be used primarily for debt paydown and general corporate purposes.

WBA is an integrated health care, pharmacy, and retail leader serving millions of customers and patients every day, with a 170-year heritage of caring for communities. WBA employs more than 330,000 people and has a presence in eight countries through its portfolio of consumer brands: Walgreens, Boots, Duane Reade, the No7 Beauty Company, and Benavides in Mexico. Additionally, WBA has a portfolio of health care-focused investments located in several countries, including China and the U.S.

Cencora provides pharmaceutical products, value-driving services, and business solutions that improve access to care. Tens of thousands of health care providers, veterinary practices, and livestock producers trust Cencora as their partner in the pharmaceutical supply chain.