Walgreens Boots Alliance sold almost $1 billion of stock it owns in drug distributor AmerisourceBergen to both draw down some debt and help toward VillageMD's eventual purchase of Summit Health, according to a company filing and other reports.
The company, which is the majority owner of VillageMD, is putting $3.5 billion toward the $8.9 billion Summit Health deal through a mixture of debt and equity. The sale of the AmerisourceBergen stock raised about $984 million, reducing its stake in that company from about 20 percent to 17 percent, Forbes said.
Summit Health, formed by the 2019 merger of Summit Medical Group and CityMD, has more than 370 primary, specialty and urgent care locations across New Jersey, New York, Connecticut, Pennsylvania and Oregon, according to its website.