Walgreens Boots Alliance cuts stake in AmerisourceBergen to 25.2%
Walgreens Boots Alliance (NASDAQ:WBA) said Wednesday it sold 6M shares of AmerisourceBergen (ABC) at $150/share.
The news dragged ABC stock down 6.4% in aftermarket trade.
WBA now owns ~25.2% in ABC, down from its earlier stake ofÂ ~28.1%.
The sale has no impact on the firms' long-term partnership.
WBA COO Ornella Barra will continue to serve on ABC's board.
Proceeds from the sale are expected to be ~$900M, which WBA intends to use primarily for debt paydown and continued support of its strategic priorities.
WBA stock inched up 0.2% following the announcement.