Boots trades up on Walgreens takeover news

Europe’s largest LBO has found an exit, after US pharmacy chain Walgreens agreed to buy 45% of KKR’s Alliance Boots, with the option to acquire the remaining equity in 2.5 years’ time.

  • 20 Jun 2012

Walgreens is paying $6.7bn for the initial stake — $4bn of cash and 83.4m shares. Some $3.5bn of that cash will be raised through short and intermediate-term debt.

Boots loans traded up close to par on the announcement, from the low 90s. However, Walgreens will only take on the ...

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