The Banking and Strategy Initiative

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A $16.2B inspired Walgreens snags Boots | The Deal Economy

This Draft was no different with Boots CEO Pessina managing to land a third of the 8% Walgreens equity swapped in exchange for this all share deal. the 8% equity paid for 45% of Boots and the other equity in the large pharmacy chain competitor will cost another $9.5B. Walgreens will also add up all of Boots debt on to its combined books at that point.

Boots’ apparently is already a hot property in China. KKR owned Boots thus gets to travel across the pond and ship its No 7 cosmetics to US stores of Walgreens and Duane Reed. A rare victory for PE the deal took a long time coming and followsother big buys in Healthcare and retail this year. Goldman Sachs and Lazard fronted the deal for Walgreens and dealt with a boutique called Centerview Partners on the other side.

FT mentions Walgreens belongs to the genus of Gobble de gook, known in the Boots home country as a Hedgehog!


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