Forbes August 1, 2024
Walgreens Boots Alliance has sold more shares of drug distributor Cencora for proceeds of about $1.1 billion, which will be used “primarily for debt paydown and general corporate purposes.”
The stock sale, which comes as chief executive officer Tim Wentworth works on a financial turnaround of the iconic drugstore chain, brings Walgreens stake in Cencora down to 10% from 12%.
“Proceeds to Walgreens Boots Alliance will be used primarily for debt paydown and general corporate purposes, as the company continues to build out a more capital-efficient health services strategy rooted in its retail pharmacy footprint,” Walgreens said in an announcement released Thursday evening. “The sale has no impact to the long-term partnership between the two companies. Walgreens Boots Alliance remains...
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