KKR and Walgreens Cleared in EU to Buy PharMerica

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By Eleanor Tyler

KKR & Co. L.P. and Walgreens Boots Alliance, Inc. Oct. 5 got the EU’s green light to buy PharMerica Corp., which serves hospitals and long-term care facilities, the EU Competition Commission said.

KKR announced on Aug. 2 that they intended to take the pharmacy services provider private for $1.4 billion, including assuming PharMerica’s debt. Walgreens will be a minority investor, the parties said.

According to SEC proxy filings, the deal needs to clear antitrust regulators in the U.S., Bosnia, China, the EU, and Turkey. Only China and Bosnia have yet to weigh in. The deal received U.S. clearance on August 25 and also cleared the antitrust hurdle in Turkey at the end of September, the parties said.

The EU commission saw no potential competitive concerns about the merger because PharMerica “has no actual or planned activities in the European Economic Area,” the statement said.

A shareholder vote on the merger is scheduled for Nov. 9. The parties plan to close by early 2018, they said.

To contact the reporter on this story: Eleanor Tyler in Washington at etyler@bna.com

To contact the editor responsible for this story: Fawn Johnson at fjohnson@bna.com

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