Signage is seen outside of a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. REUTERS
(Reuters) – U.S. drugstore chain Walgreens Boots Alliance (WBA.O) said on Thursday it has sold more shares in drug distributor Cencora (COR.N), for proceeds of about $300 million.
The company said that it now owns a 6% stake in Cencora, trimming it down from 10% it previously held. It sold Cencora shares worth $1.1 billion in August.
Walgreens has sold about $265 million worth of shares and Cencora has agreed to repurchase about $50 million worth of shares, the company said in a statement.
Proceeds from the share sale will be used primarily for debt pay down and general corporate purposes, as Walgreens continues to build out a more capital-efficient health services strategy rooted in its retail pharmacy footprint.
The pharmacy chain reiterated that the sale has no impact to the long-term partnership between the two companies.
Reporting by Pretish M J in Bengaluru; Editing by Rashmi Aich
