Walgreens Boots Alliance, Inc. has entered into an agreement to reduce its stake in Guangzhou Pharmaceuticals Corporation, a pharmaceutical wholesaling joint venture in China, following an offer from its joint venture partner Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd.

Subject to regulatory review and approval and other customary closing conditions, Walgreens Boots Alliance will sell a 30 percent interest in Guangzhou Pharmaceuticals Corporation to Guangzhou Baiyunshan Pharmaceutical Holdings that, following the proposed sale, would own 80 percent.

Upon completion, Walgreens Boots Alliance will own a 20 percent interest in Guangzhou Pharmaceuticals Corporation and will continue to account for its remaining stake as an equity method investment.

Walgreens Boots Alliance and the companies in which it has equity method investments together have a presence in more than 25* countries, employ more than 385,000* people, and have more than 13,200* stores in 11* countries. It has more than 390* distribution centers delivering to more than 230,000** pharmacies, doctors, health centers, and hospitals in more than 20* countries.

In addition, it is one of the world’s largest purchasers of prescription drugs and other health and wellbeing products.

* As of August, 31, 2017, using publicly available information for AmerisourceBergen.
** For 12 months ending August, 31, 2017 using publicly available information for AmerisourceBergen.

(Source: Walgreens Boots Alliance, Inc.)