NEW YORK & LONDON–(BUSINESS WIRE)–
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.””
Stefano Pessina, who will become acting CEO of Walgreens Boots Alliance,
commented: “I have often said that KKR couldn’t have been a better
partner for me and Alliance Boots. They shared and supported my
long-term vision of creating a global industry leader, with an ownership
culture which encourages profitable growth, innovation and
entrepreneurship. KKR has backed me every step of the way towards
creating a global enterprise.”
Walgreens Boots Alliance spans more than 25 countries, with over 12,800
stores, over 370,000 employees and more than 340 pharmaceutical
distribution centers serving more than 180,000 pharmacies and other
points of care. The merger also brings together a unique brand portfolio
of outstanding retail, wholesale, service and product brands, alongside
the world’s largest pharmaceutical wholesale and distribution network.
Dominic Murphy will serve as a director on the board of directors of
Walgreens Boots Alliance. KKR will hold 4.6% of the equity of Walgreens
Boots Alliance.
– Ends –
About KKR
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world‐class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners’ capital and brings opportunities to others through its capital
markets business. References to KKR’s investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com.
Media Contacts
New York
Kristi Huller
Kristi.huller@kkr.com
+1
212 230 9722
or
London
Nina Suter
nina.suter@finsbury.com
+44
7795 300 397
Source: KKR