BofA update shows where active managers are putting money
Investing.com -- Stefano Pessina, the executive chair of Walgreens Boots Alliance (NASDAQ:WBA), is set to increase his stake in the U.S. pharmacy group to approximately 30% as part of a $10 billion takeover by private equity group Sycamore, according to the Financial Times on Tuesday.
Pessina, who is currently the top shareholder of Walgreens with a stake of about 17%, will contribute cash to the company as part of this deal, the report said.
This move will see Pessina’s stake in Walgreens nearly double from its current level, it said, adding that Pessina will deepen his involvement in the group, a move that comes ahead of a potential split of the company.
Sycamore has plans to divide Walgreens into three separate entities: a U.S. retail pharmacy, Boots UK, and U.S. healthcare. This plan was initially reported by FT in February.
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