KKR sells remaining stake in Alliance Boots

According to Yahoo Finance, KKR today announced the sale of its remaining stake in Alliance Boots to Walgreens Boots Alliance, Inc., the new holding company of Walgreen & Co., following the exercise by Walgreens of the call option to acquire the remaining 55% of Alliance Boots as the second step of the overall transaction. In August 2012, Walgreens acquired 45% of Alliance Boots in the first step of the overall transaction.

Dominic Murphy, Member, Head of KKR operations in the United Kingdom commented: “The investment in Alliance Boots adds to our track record of partnering with European entrepreneurs to build global companies and industry leaders. Since Alliance Boots was taken private in 2007, a strong investment program has led to a transformation of the company, both at the retail and distribution side, and to a strong international expansion across Europe, the Middle East and Asia. In 2012, we created, together with Walgreens, the world’s largest pharmacy-led health and wellbeing enterprise. Since then, Alliance Boots and Walgreens have made strong progress in executing on all synergies and plans, allowing the announcement today of the full combination.””

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