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Walgreens Boots To Buy Out Shields Health For Around $1.37 Bln; Stock Down

Walgreens Boots Alliance, Inc. (WBA) said on Tuesday that it has inked a deal to acquire the remaining 30 percent stake in privately held Shields Health Solutions for around $1.37 billion.

Shields is focused on the specialty pharmacy, and is a premier health system-owned specialty pharmacy integrator in the U.S.

Roz Brewer, CEO of WBA, said: "Our full acquisition of Shields will complete another major milestone as part of our consumer-centric healthcare strategy to drive sustainable long-term growth. We can now make further progress on our strategy through Shields' integrated model, increasing our value to health systems, expanding access to payor partners and supporting improved outcomes and lower costs..."

The transaction is scheduled to conclude by the end of calendar 2022.

WBA's acquisition of Shields from other shareholders follows a rise in the acquirer's stake to around 70 percent in September 2021.

Post acquisition, Shields will remain as a separate business and brand within Walgreens. John Lucey, Co-Founder and Current President of Shields, will serve as CEO of Shields, and current Shields CEO Lee Cooper will take up a new executive role within WBA.

WBA is trading down by 1.27 percent at $33.72 per share on the Nasdaq.

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