Walgreens Boots Alliance Inc

WBA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$74.00	Xkmx	Jgtbs

Walgreens Unit Village MD to Acquire Summit Health-CityMD; Maintaining Walgreens' FVE

Julie Utterback ,

Nov 7, 2022

Walgreens unit VillageMD has entered a definitive agreement to acquire Summit Health-CityMD, a leading primary, specialty, and urgent care provider. The $9 billion acquisition will be completed by 2023, and Walgreens will invest $3.5 billion through a mix of debt and equity while Cigna-affiliate Evernorth will also invest in the healthcare service operations of Walgreens. Although we have adjusted our Walgreens model to account for this acquisition and management's updated guidance for its long-term healthcare service operations, we are maintaining our no-moat rating and $48 per share fair value estimate on Walgreens.

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