Walgreens is now close to completing its acquisition of Boots which will create Walgreens Boots Alliance. The US giant acquired a 45 per cent stake in Boots in 2012 for £4 billion and is expected to pay nearly £6 billion to Stefano Pessina, Boots chairman, and private equity firm KKR for the balance. The impact of the deal may affect Boots’ 70,000 employees as it is believed that the new owner will quickly seek to reduce operating costs and increase the trading profitability of its new business.
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