Walgreens sells more shares in Cencora; cuts stake to 6%

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Walgreens sells more shares in Cencora; cuts stake to 6%

(Reuters) – U.S. drugstore chain Walgreens Boots Alliance said on Thursday it has sold more shares in drug distributor Cencora 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 ***** 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 ***** has no impact to the long-term partnership between the two companies.

(Reporting by Pretish M J in Bengaluru; Editing by Rashmi Aich)

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