Leading global law firm Baker McKenzie advises Walgreens Boots Alliance, Inc. (WBA) in relation to the carve out and disposal of its Alliance Healthcare business to AmerisourceBergen Corporation (ABC) for approximately US$6.5 billion.
Playing to our global strength and deep knowledge of the Alliance Healthcare business, Baker McKenzie led on the carve-out and restructuring of the Alliance Healthcare business, together with the long term distribution agreement with Boots. Cleary Gottlieb also advised WBA, and Cravath and Hogan Lovells advised ABC.
Walgreens Boots Alliance (Nasdaq: WBA) is one of the world’s largest purchasers of prescription drugs and many other health and well-being products. It is a global leader in retail and wholesale pharmacy, dispensing and distributing medicines to millions of people every day through its retail locations, digital platforms and health and beauty products. The company has more than 100 years of trusted health care heritage and innovation in community pharmacy and pharmaceutical wholesaling. Stefano Pessina, WBA's Executive Vice Chairman and CEO, commented the deal "is a very positive development for the two companies. This deal will enable significant value creation for both companies and will generate new synergies in addition to those already captured … The transaction will fuel higher future investments to grow and transform our core retail pharmacy and healthcare businesses".
WBA relationship, and corporate, partner Helen Bradley, commented, “It has been great to support Walgreens Boots Alliance on the sale of Alliance Healthcare, a business with which we are very familiar, and to support WBA on its strategic objective of focussing on expanding its core retail pharmacy and healthcare businesses. For Baker McKenzie, this is another example of our London and international colleagues working as one high-performing team delivering seamlessly across borders and enabling our client to achieve its objectives.”
The Baker McKenzie team was led by London based partner Helen Bradley, supported by corporate partner Jo Hewitt, IT/Commercial partner Duncan Reid-Thomas and employment Of counsel Paul Harrison. Further support was provided by Tom Quincey, Jon Tuck, Simon Foster and Dan Relton, in London. Recognising the international aspect to the transaction, legal expertise was additionally sought throughout the Baker McKenzie global network from offices including Amsterdam, Paris, Luxembourg, Madrid, Prague, Cairo, Istanbul, Rome, Zurich, Hong Kong and Dubai.
The deal was announced on 6 January 2021, with closing subject to customary closing conditions including the receipt of regulatory approvals.