Walgreens Boots Alliance Sells All Remaining Unencumbered Shares Of Cencora For ~$1.1B Of Proceeds; Walgreens Boots Alliance's Ownership Of Cencora's Common Stock Has Decreased From ~12% To ~10%
Portfolio Pulse from Benzinga Newsdesk
Walgreens Boots Alliance (WBA) has sold all its remaining unencumbered shares of Cencora (COR) for approximately $1.1 billion. The proceeds will be used for debt paydown and general corporate purposes. WBA's ownership in COR has decreased from 12% to 10%, but their long-term partnership remains unchanged.
August 01, 2024 | 10:22 pm
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POSITIVE IMPACT
Cencora repurchased $250 million of its shares as part of Walgreens Boots Alliance's sale of its remaining unencumbered shares. WBA's ownership in COR has decreased from 12% to 10%, but their long-term partnership remains unchanged.
The share repurchase by Cencora indicates confidence in its own stock and can be seen as a positive signal to investors. The slight reduction in WBA's ownership does not impact the ongoing strategic partnership.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Walgreens Boots Alliance has sold its remaining unencumbered shares of Cencora for $1.1 billion. The proceeds will be used for debt paydown and general corporate purposes. WBA's ownership in COR has decreased from 12% to 10%.
The sale of shares will provide WBA with significant liquidity to pay down debt and fund corporate activities, which is positive for its financial health. The reduction in ownership is minimal and does not affect the strategic partnership.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100