WBA - Walgreens Boots Alliance cuts stake in AmerisourceBergen to 25.2%

Walgreens Boots Alliance (NASDAQ:WBA) said Wednesday it sold 6M shares of AmerisourceBergen (ABC) at $150/share, a 7% discount to ABC's last close. The news dragged ABC stock down 6.4% in aftermarket trade. WBA now owns ~25.2% in ABC, down from its earlier stake of ~28.1%. The sale has no impact on the firms' long-term partnership. WBA COO Ornella Barra will continue to serve on ABC's board. Proceeds from the sale are expected to be ~$900M, which WBA intends to use primarily for debt paydown and continued support of its strategic priorities. WBA stock inched up 0.2% following the announcement.

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Walgreens Boots Alliance cuts stake in AmerisourceBergen to 25.2%