By Chris Wack

 

Walgreens Boots Alliance Inc. said its wholly owned Walgreen Co. subsidiary is making a majority investment in Shields Health Solutions, a health system-owned specialty pharmacy care.

Walgreens Boots said the investment is for $970 million investment, and builds on a minority equity investment made in July 2019.

The new investment gives Walgreens Boots 71% ownership of Shields, with an option to acquire the remaining equity interests in the future. Shields' other equity holders will also have the option to require Walgreens Boots to purchase the remaining equity interests, under the agreement.

Shields has more than 1 million specialty patients across more than 30 states, with more than 70 health system partners nationwide.

Following the completion of the majority investment, Shields would continue to operate under current executive leadership and as a distinct brand and entity.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

September 21, 2021 09:36 ET (13:36 GMT)

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