In January, WBA signed a strategic agreement to sell the majority of its Alliance Healthcare businesses to AmerisourceBergen.
The deal is valued at around $6.5bn, of which $6.275bn will be paid in cash and two million shares of AmerisourceBergen common stock.
WBA will use the proceeds from the transaction to reduce an outstanding amount owed on a $3.8bn term loan and eliminate $3.3bn of debt on its balance sheet.
The company will invest the remaining amount in strategic opportunities to accelerate the growth of its core retail pharmacy and healthcare businesses.
These investments will benefit WBA’s previously announced initiatives, including its investment in VillageMD and its acquisition of a majority stake in software-enabled pharmacy automation solutions provider iA.
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The company’s investment in VillageMD will support the opening of between 600 and 700 Village Medical at Walgreens primary care clinics.
WBA and AmerisourceBergen will also expand and extend commercial agreements that are expected to boost phased growth, efficiency and scale.
WBA CEO Rosalind Brewer said: “The completion of this transaction represents a significant step forward in our transformation and will fuel investments to grow our core retail pharmacy and healthcare businesses.
“Through these and other investments, we look to bring even more innovative healthcare offerings to our customers and patients as we further accelerate our strategic priorities.”
WBA currently operates more than 21,000 stores in more than 25 countries, with more than 450,000 employees.
Last month, the retailer launched a contactless same-day delivery service in the US.
By selecting the Same Day Delivery option at the checkout when shopping online or through the Walgreens app, customers can order from a selection of more than 24,000 items and have their orders delivered to their doorstep in less than two hours.