Walgreens sells shares of drug distributor Cencora
Drugstore chain Walgreens Boots Alliance Inc. (WBA) on Thursday said it had sold shares of drug distributor Cencora Inc. (COR) for approximately $424 million. Walgreens also entered into a share repurchase by Cencora, formerly known as AmerisourceBergen, for proceeds of roughly $250 million. Walgreens said its ownership of Cencora's common stock fell due to the repurchase by Cencora, "but remains at approximately 15%." The drugstore chain said it planned to use the proceeds to repay debt and for general business operations. "The transaction is another decisive action to further simplify the company's portfolio, while improving cash management," Walgreens said, adding that it "remains fully committed to the strategic, mutually beneficial relationship with Cencora," a partner with Walgreens since 2013.
-Bill Peters
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-09-23 1924ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying
-
The 10 Best Companies to Invest in Now