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Walgreens and Alliance Boots announce strategic partnership

June 2012

Niederer Kraft & Frey advises Kohlberg Kravis Roberts & Co. L.P. (KKR) and Alliance Boots GmbH (Alliance Boots) in connection with the acquisition of a 45% equity stake in Alliance Boots by Walgreen Co. (Walgreens), in a cash-and-stock deal valued at approximately $6.7 billion.

Walgreens will have the option to proceed to a full combination by acquiring the remaining 55% of Alliance Boots at a later date for approximately $9.5 billion in cash and stock. The transaction was announced on 19 June 2012. Closing of the first step of the transaction is subject to satisfaction of regulatory and other customary conditions.

Alliance Boots is the Swiss parent company of an international pharmacy-led health and beauty group operating Europe’s largest pharmacy chain, and Walgreens is the largest drug store chain in the United States. The transaction is expected to create the world's largest network of pharmacy-led health and beauty retail stores and buyer of prescription drugs.

Niederer Kraft & Frey has acted as Swiss legal counsel to KKR and Alliance Boots, along their U.S. and international counsels Simpson Thacher & Bartlett and Darrois Villey Maillot Brochier. The Niederer Kraft & Frey team includes Philippe Weber, Andreas Casutt, Gian-Andrea Caprez, Patrik Peyer and Sandro Germann.


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