Walgreens Boots Alliance on Tuesday said it plans to buy back the remaining 45% stake in CareCentrix in less than two months after becoming the majority owner of the family health company.
The Deerfield, Illinois-based company is paying a total of $722 million to rapidly increase its presence in the industry. Walgreens closed its first $330 million deal with CareCentrix in late August, taking a 55% stake in the company that helps transport patients from the hospital to their homes. The remaining shares will cost the company $392 million, and the transaction is expected to close in March 2023, according to a news release.
CareCentrix coordinates home care for 19 million members through 7,400 provider locations. The company will remain a separate entity within Walgreens once the deal is complete.
“Our full acquisition further accelerates our transition to becoming a consumer-centric healthcare company that leverages innovative platforms to expand our capabilities.” us into the rapidly growing healthcare segments,” said Walgreens CEO Roz Brewer in the press release.
CareCentrix CEO John Driscoll will become executive vice president and president of US healthcare at Walgreens later this month. The family health benefit company’s chief financial officer, Steve Horowitz, will lead CareCentrix as CEO.
The deal further strengthens the pharmacy chain’s growing healthcare footprint. In September, the company agreed to spend $1.37 billion to acquire the remaining shares of specialty pharmaceutical company Shields Health Solutions. Last year, the company’s health division invested $5.2 billion in primary healthcare startup VillageMD to become a majority owner.
