Walgreens Is Buying Beauty Retailer Alliance Boots
(AP) - Walgreens will pay more than $6 billion in cash and stock to buy a stake in European health and beauty retailer Alliance Boots in the first international venture for the largest U.S drugstore chain.
The company says it will lead to about 45 percent ownership in the Swiss based company, which runs more than 3,000 health and beauty retail outlets in 11 countries.
Walgreens has an option to buy the rest of the company in about three years in a deal valued at around $9.5 billion based on the company's share price and the current exchange rate.
Walgreens expects the purchase of its initial stake in Alliance Boots to be completed by September.
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