Walgreens sells shares in Cencora for third time this year, raises $1.1 billion
By Sabela Ojea
Walgreens Boots Alliance said it has sold an additional chunk of sales in Cencora to the drug distributor for $1.1 billion.
The drugstore chain on Thursday said that the sale would allow it to reduce its debt as it looks to build out a more capital-efficient health services strategy rooted in its retail pharmacy footprint.
As a result of the move, Walgreens (WBA) decreased its ownership stake in Cencora (COR) to about 10% from 12% previously. In May, the company reduced its stake in Cencora to 12% from 13% after lowering it from 15% in February.
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08-01-24 1904ET
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