Walgreens Chair Pessina to boost stake after Sycamore seals takeover deal, FT reports

(Reuters) - Walgreens Boots Alliance (NASDAQ:WBA)’s executive chair Stefano Pessina will almost double his stake in the U.S. pharmacy group to about 30% as part of its $10 billion takeover by private equity group Sycamore, the Financial Times reported on Tuesday.

Pessina, Walgreens’ top shareholder with a roughly 17% stake in the company he helped forge through the 2014 merger of Walgreens and Alliance Boots, will inject cash into it as part of the deal, the FT said, citing people familiar with the matter.

Pessina will also deepen his involvement in the group ahead of a possible break-up, the FT said.

Sycamore is planning a three-way split of Walgreens into a U.S. retail pharmacy, Boots UK and U.S. healthcare, the newspaper had reported in February.

Pessina and Sycamore declined to comment to the FT, while Walgreens did not respond to a request for comment. Reuters could not immediately reach Pessina for comment, while Walgreens and Sycamore did not respond to a request for comment.

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