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Simpson Thacher represented Kohlberg Kravis Roberts & Co. L.P. in connection with Walgreen Co.’s (NYSE: WAG) announcement that it has exercised its option to complete the second step of its strategic transaction with Alliance Boots. The transaction, subject to shareholder and various regulatory approvals, would fully combine the two companies to form the first global pharmacy-led, health and well-being enterprise under the name Walgreens Boots Alliance.  The transaction is expected to close in the first quarter of 2015.

KKR is a long-standing Simpson Thacher client.  The Firm represented KKR in connection with its buyout, together with Stefano Pessina, of Alliance Boots plc in the summer of 2007 and in connection with the first step of Alliance Boots’ strategic transaction with Walgreens in the summer of 2012.  Alliance Boots is an international pharmacy-led health and beauty group operating Europe’s largest pharmacy chain, and Walgreens is the largest drugstore chain in the U.S. 

The Simpson Thacher team was led by Mark Pflug (M&A).