26 September 2013 I Deals and Cases

Walgreens and Alliance Boots form Strategic Partnership

Walgreen Co., the largest drug store chain in the United States, and Alliance Boots GmbH, the Swiss parent company of a leading international pharmacy-led health and beauty group, announced that they have entered into a strategic transaction in which Walgreens will invest approximately USD6.7 billion in cash and stock, in exchange for a 45% equity ownership stake in Alliance Boots. Walgreens will have the option to proceed to a full combination by acquiring the remaining 55% of Alliance Boots in approximately three years' time. Completion of the initial investment, which is subject to various regulatory approvals, is expected to take place by September 1, 2012.

Bär & Karrer has acted as Swiss legal counsel to Walgreens, instructed by its U.S. counsel Wachtell, Lipton, Rosen & Katz. The Bär & Karrer team includes Thomas U. Reutter, Roland Truffer, Claudio Bazzi, and Daniel Raun.