Walgreens shareholders overwhelmingly approved proposals related to its acquisition of the remaining 55% of Alliance Boots GmbH that it doesn’t presently own, Monday.
The transaction will fully combine the two companies to form the first global pharmacy-led, health and wellbeing enterprise; the largest purchaser of prescription drugs in the world; and will grow Walgreens’ footprint from 8,200 U.S. locations to 12,800 stores in 11 countries, Walgreens spokesman Michael Polzin, told SN.
“Our size and scale will help us to expand supply and address the rising cost of prescription drugs,” he said.
The companies launched their partnership in June 2012, when Walgreens acquired a 45% equity ownership in Alliance Boots. Walgreens exercised its option to acquire the remaining 55% in August 2014, according to the drug chain.
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The reorganization will result in Walgreens becoming a wholly owned subsidiary of Walgreens Boots Alliance, Inc., and shares of Walgreens common stock will be converted into shares of Walgreens Boots Alliance common stock on a one-for-one basis, according to Walgreens.
The companies have received all regulatory approvals required to complete the transaction. With the shareholder approvals, Walgreens expects to complete the acquisition of Alliance Boots and the reorganization merger on Wednesday, subject to the satisfaction of customary closing conditions, it said in a statement.
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