PharMerica, a hospital pharmacy manager, agreed Wednesday to be acquired by private equity firm KKR for $909.4 million in cash.
The deal, in which Walgreens Boots Alliance is a minority investor, also includes KKR assuming about $490 million of PharMerica's debt.
PharMerica shareholders will receive $29.25 in cash for each share of PharMerica common stock. The price represents a premium of about 17% to PharMerica's closing share price Tuesday.
Shares of PharMerica rose 16% in pre-market trading Wednesday.
The deal is expected to be completed by early 2018, at which point PharMerica shares will be delisted.
PharMerica operates 121 pharmacies at treatment centers where physicians and nurses are primary customers, such as hospitals, nursing homes, long-term care facilities, and oncology centers.
"With the support of KKR and a strategic partner in Walgreens Boots Alliance, PharMerica will have additional resources and expertise to advance and grow the business,” PharMerica CEO Gregory Weishar said in a statement.
Walgreens saw the investment as an opportunity to expand in the institutional pharmacy business, a growing segment, said Alex Gourlay, Walgreens' co-COO.
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