Walgreens Boots Alliance Sells Shares Of Cencora, Inc. For $674M Of Initial Proceeds
Portfolio Pulse from Benzinga Newsdesk
Walgreens Boots Alliance (WBA) has sold shares of Cencora, Inc. (COR) for initial proceeds of $674 million. The sale was executed through variable prepaid forward transactions, providing WBA with liquidity while maintaining the ability to participate in potential stock price appreciation. The proceeds will be used for debt paydown and general corporate purposes. The sale has no impact on the long-term partnership between the two companies.
November 10, 2023 | 12:18 am
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NEUTRAL IMPACT
Cencora's shares have been sold by Walgreens Boots Alliance. The sale does not impact the long-term partnership between the two companies.
While the sale of shares by a major holder could potentially put downward pressure on Cencora's stock price, the announcement that the long-term partnership between the two companies remains intact could mitigate any negative impact.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 100
POSITIVE IMPACT
Walgreens Boots Alliance has sold shares of Cencora, providing liquidity and potential for stock price appreciation. The proceeds will be used for debt reduction and corporate purposes.
The sale of Cencora shares provides Walgreens with immediate liquidity and potential for future gains. This, combined with the intended use of proceeds for debt reduction, could be seen positively by investors, potentially driving the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100