(Reuters) – U.S. drugstore chain Walgreens Boots Alliance said on Thursday it has sold more shares in drug distributor Cencora for proceeds of about $300 million. The company said that it now owns a 6% stake in Cencora, trimming it down from 10% it previously held. It sold Cencora shares worth $1.1 billion in August. […]
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Walgreens sells more shares in Cencora; cuts stake to 6%
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(Reuters) – U.S. drugstore chain Walgreens Boots Alliance said on Thursday it has sold more shares in drug distributor Cencora for proceeds of about $300 million.
The company said that it now owns a 6% stake in Cencora, trimming it down from 10% it previously held. It sold Cencora shares worth $1.1 billion in August.
Walgreens has sold about $265 million worth of shares and Cencora has agreed to repurchase about $50 million worth of shares, the company said in a statement.
Proceeds from the share sale will be used primarily for debt pay down and general corporate purposes, as Walgreens continues to build out a more capital-efficient health services strategy rooted in its retail pharmacy footprint.
The pharmacy chain reiterated that the sale has no impact to the long-term partnership between the two companies.
(Reporting by Pretish M J in Bengaluru; Editing by Rashmi Aich)