The US pharmaceutical company Walgeens has confirmed that it plans to buy the remaining 55% stake in Alliance Boots for £6 billion.
Bringing the two companies together to establish Walgreen Boots Alliance would create the world’s biggest pharmaceutical wholesale and distribution network. It would also become the world’s largest buyer of prescription drugs.
“We are excited to move forward with the next important step in becoming a new kind of global health care leader,” said Greg Wassom, Walgreens’ new CEO.
Bucking a recent trend amongst US buyouts, Walgreens says that it has no intention to move its main headquarters to the UK or to change its current tax structure. Walgreen Boots Alliance would be based in Chicago, whilst Boots itself would keep its current headquarters in Nottingham, UK.
Wasson said: “We took into account all factors, including that we could not arrive at a structure that provided the company and our board with the requisite level of confidence that a transaction of this significance would need to withstand extensive IRS review and scrutiny.”
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