Walgreens sells shares in Cencora for third time this year, raises $1.1 billion

 Walgreens Boots Alliance said it has sold an additional chunk of sales in Cencora to the drug distributor for $1.1 billion.

The drugstore chain on Thursday said that the sale would allow it to reduce its debt as it looks to build out a more capital-efficient health services strategy rooted in its retail pharmacy footprint.

As a result of the move, Walgreens (WBA) decreased its ownership stake in Cencora (COR) to about 10% from 12% previously. In May, the company reduced its stake in Cencora to 12% from 13% after lowering it from 15% in February.

https://www.morningstar.com/news/marketwatch/20240801981/walgreens-sells-shares-in-cencora-for-third-time-this-year-raises-11-billion