Walgreens to acquire remainder of Boots

Walgreens has announced plans to acquire a remaining 55 per cent stake in Boots Opticians owner Alliance Boots for £3.1bn plus shares – vowing to keep Boots’ UK operations in Nottingham.

The US pharmacy chain has exercised its option to complete the second step of its strategic transaction with Alliance Boots ahead of the original option period, in a transaction that subject to shareholder and various regulatory approvals is expected to close in the first quarter of next year.

Under the terms of the revised agreement, Walgreens was permitted to exercise its option to acquire the remaining 55 per cent of Alliance Boots that it does not currently own in exchange for £3.1bn in cash and approximately 144.3m shares of common stock of Walgreens.