Walgreens Boots Alliance sells shares of Cencora for $400M of proceeds

Walgreens Boots Alliance has sold shares of Cencora pursuant to a share repurchase by Cencora in the amount of approximately $400 million.

With the transaction, Walgreens Boots Alliance’s ownership of Cencora’s common stock has decreased from approximately 13% to approximately 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, to deliver care for communities and create value or partners.

[Read more: Walgreens Boots Alliance sells shares of Cencora for $674M of initial proceeds]

WBA said the sale has no impact to the long-term partnership between the two companies. Walgreens Boots Alliance remains fully committed to the strategic, mutually beneficial relationship with Cencora, which has been a strong and trusted partner since 2013. Chief operating officer, International of Walgreens Boots Alliance, Ornella Barra, will continue to serve on Cencora’s board of directors.

[Read more: Walgreens names Tim Wentworth as next CEO]