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WCAS sells remaining Shields Health stake to Walgreens Boots Alliance for $1.37bn

Welsh, Carson, Anderson & Stowe (WCAS) has sold its remaining 30% stake in Shields Health Solutions to Walgreens Boots Alliance (WBA) for $1.37 billion, based on the exit multiple agreed at the time of Walgreen’s September 2021 investment in Shields Health.

WBA’s full acquisition of Shields follows the increase of its stake to approximately 70% in September 2021.

Shields runs specialty pharmacies in the US with nearly 80 health system partners representing approximately 1,000 hospitals nationwide. It delivered pro forma sales growth of 57% for the first nine months of fiscal 2022, driven by key contract wins, further expansion of existing partnerships and strong executional focus.

Shields will continue as a distinct business and brand within Walgreens. The transaction is expected to close by the end of the year.

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