Simpson Thacher Represents KKR and Alliance Boots in a Strategic Transaction with Walgreens
06.19.12
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The Firm is representing Kohlberg Kravis Roberts & Co. L.P. (KKR) and Alliance Boots GmbH (Alliance Boots) in connection with the acquisition of a 45% equity stake in Alliance Boots by Walgreen Co. (Walgreens), in a cash-and-stock deal valued at approximately $6.7 billion. Walgreens will have the option to proceed to a full combination by acquiring the remaining 55% of Alliance Boots at a later date for approximately $9.5 billion in cash and stock. Closing of the first step of the transaction is subject to satisfaction of regulatory and other customary conditions.
Alliance Boots is an international pharmacy-led health and beauty group operating Europe’s largest pharmacy chain, and Walgreens is the nation’s largest drugstore chain. The transaction is expected to create the world's largest network of pharmacy-led health and beauty retail stores and buyer of prescription drugs.
The Simpson Thacher team includes: Mark Pflug, Gary Horowitz, Daniel Tseng, Daniel Layfield, John Wang, Alexander Coedo, Samay Shah and Jona Lundborg (M&A); Steven Todrys, Meredith Jones, Sean Austin and Sean FitzGerald (Tax); Lucy Jenkins (Credit); Michael Nathan (Securities); Jennifer Pepin (Executive Compensation & Employee Benefits); Lori Lesser (IP); Krista McManus (Real Estate); Adeeb Fadil and Timothy Mulvihill (Environmental); and David Vann, Joe Tringali, Michael Naughton and Ellen Frye (Regulatory/Antitrust).