Walgreens said Oct. 14 it has agreed to make a $5.2 billion investment in VillageMD, which will make it the majority owner.
The investment will increase Walgreens' ownership stake in the primary care company from 30 percent to 63 percent. VillageMD will remain an independent company with its own management and board.
Walgreens has said its goal is to open at least 600 primary care clinics within its stores in more than 30 U.S. markets by 2025, and 1,000 by 2027. It also said it plans to open more than half its clinics in urban neighborhoods and rural communities that are medically underserved.
The company already has 52 primary care locations and will have more than 80 open by the end of 2021.
Walgreens said it expects the deal to close by the end of this year.
Read the full news release here.