Private equity firm KKR reportedly wants to buy Walgreens in the largest private takeover in history
Shares of Walgreens Boots Alliance surged 6% in early trading Monday on the report. According to Bloomberg, KKR has approached Walgreens about a deal. The buyout firm KKR is one of the world's largest private equity firms, and its leveraged buyout of RJR Nabisco was cataloged in the book,"Barbarians at the Gate."Walgreens currently is valued at more than $55 billion. Any deal would probably be done at a premium to that price — and also include the assumption of the $16.
KKR worked with then Alliance Boots deputy chairman Stefano Pessina, who was the largest shareholder in Alliance Boots, on the deal. Pessina is currently the executive vice chairman, CEO and biggest shareholder of Walgreens. Pessina owns a more than 16% stake in the company through his Alliance Santé Participations investment firm. A takeover would also help stop the bleeding in Walgreens share price. The stock is still down nearly 10% this year — despite the recent merger reports.
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