Walgreens Takes Piece of PharMerica, Quest to Dominate Healthcare Continues
Summary
PharMerica Corp. (PMC) stock surged over 15% at Wednesdays market open as KKR & Co. (KKR) - Get Report and Walgreens Boots Alliance Inc. (WBA) - Get Report reached a deal to take the institutional pharmacy-services company private in a $1.4 billion deal. KKR will control the new private company and Walgreens will be a minority investor, PharMerica said in a statement. PharMerica shareholders will receive $29.25 per share in cash, a 17% premium to Tuesdays closing price. PharMerica reported second quarter earnings in line with FactSet analyst expectations of 47 cents per share Wednesday. "This is an opportunity to expand into a growing segment, and to do so through a national footprint," said Alex Gourlay, Walgreens Boots Alliance co-chief operating officer in a statement.