Walgreens Boots Alliance has completed the previously announced agreement to acquire a 40 per cent minority stake in Sinopharm Holding GuoDa Drugstores Co, a retail pharmacy chain in China.
Walgreens Boots Alliance acquired the minority stake in GuoDa through a capital increase worth RMB2.767 billion (around $416 million), and will account for the stake as an equity method investment.
Executive Vice Chairman and CEO Stefano Pessina, says: “We are delighted that we have received regulatory approvals and our investment agreement has now been completed. We believe GuoDa holds a strong position in the sector, and as a global pharmacy-led health and beauty enterprise, we are well positioned to support its further growth ambition. We are looking forward to sharing our international best practices and pharmacy expertise. We believe there is great potential in working together to play a transforming role in the evolving Chinese retail pharmacy market.”
