Kohlberg Kravis Roberts & Co. to sell remaining stake in Walgreens Boots Alliance

DEERFIELD, Ill. – Walgreens Boots Alliance on Tuesday announced that affiliates of Kohlberg Kravis Roberts & Co. intend to offer approximately 20.5 million shares of the company's common stock for sale in an underwritten secondary offering pursuant to the shelf registration statement filed with the Securities and Exchange Commission on Feb. 17, 2016.

 

In addition, separate and apart from the proposed offering, the selling stockholders and Stefano Pessina, the company’s executive vice shairman and CEO, informed the company that they have entered into an agreement on Oct. 31, 2016, pursuant to which affiliates of Kohlberg Kravis Roberts have agreed to sell 2 million shares of the company’s common stock to an affiliate of Pessina at the same price as the shares to be sold to the underwriter in the proposed offering, and subject to the completion of the proposed offering.

 

The company previously issued to the selling stockholders an aggregate of approximately 52.5 million shares of common stock in connection with the company’s strategic combination with Alliance Boots completed in December 2014.



Affiliates of Kohlberg Kravis Roberts sold 15 million shares in an underwritten secondary offering on May 11, 2016, and an additional 15 million shares in an underwritten secondary offering on Aug. 1, 2016.



Prior to the proposed offering, the selling stockholders owned 22.5 million shares in the aggregate, representing approximately 2.1% of Walgreens' outstanding shares of common stock, based on the number of shares outstanding as of Sept. 30, 2016.  Upon completion of the proposed offering and the separate proposed sale of shares by affiliates of Kohlberg Kravis Roberts to an affiliate of Pessina, the selling stockholders will no longer own any remaining shares of the company’s common stock previously issued to the selling stockholders in connection with the company’s strategic combination with Alliance Boots. 



Goldman, Sachs & Co. will act as the sole underwriter for the offering. The last reported sale price of the company’s common stock on Nov. 1, 2016 was $82.46.