KKR to Purchase of 11,619,998 Shares of BrightSpring Health Services Common Stock from Walgreens Boots Alliance
Rhea-AI Summary
BrightSpring Health Services (NASDAQ: BTSG), a leading provider of home and community-based health services, announced that KKR, an existing shareholder, has agreed to purchase 11,619,998 shares of BrightSpring's common stock from Walgreens Boots Alliance (WBA) in a private transaction. The deal, negotiated directly between KKR and WBA, involves KKR's private equity funds and is expected to close around September 16, 2024. BrightSpring is not issuing or selling any shares in connection with this transaction. This move signifies a significant shift in ownership structure, potentially impacting BrightSpring's strategic direction and investor relations.
Positive
- KKR, an existing shareholder, increases its stake in BrightSpring, potentially indicating confidence in the company's future prospects
- The transaction does not involve BrightSpring issuing new shares, avoiding dilution for existing shareholders
Negative
- Walgreens Boots Alliance's decision to sell a significant number of shares could be perceived as a lack of confidence in BrightSpring's future growth
News Market Reaction 1 Alert
On the day this news was published, BTSG gained 0.51%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LOUISVILLE, Ky., Sept. 13, 2024 (GLOBE NEWSWIRE) -- BrightSpring Health Services (“BrightSpring” or the “Company”) (NASDAQ: BTSG), a leading provider of home and community-based health services for complex populations, today announced that investment funds managed by KKR & Co. Inc. and its subsidiaries (“KKR”), an existing shareholder of BrightSpring, have entered into an agreement with Walgreen Co. (“WBA”) to purchase 11,619,998 shares of BrightSpring’s common stock from WBA in a private transaction. The transaction was negotiated directly between KKR and WBA, with KKR making the investment through its private equity funds. BrightSpring is not issuing or selling any shares of common stock in connection with the transaction, which is expected to close on or about September 16, 2024.
About BrightSpring Health Services
BrightSpring Health Services provides complementary and integrated home- and community-based pharmacy and health solutions for complex populations in need of specialized and/or chronic care. Through the Company’s service lines, including pharmacy, home health care and primary care, and rehabilitation and behavioral health, we provide comprehensive care and clinical solutions in all 50 states to over 400,000 customers, clients and patients daily.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
About Walgreens Boots Alliance
WBA is an integrated healthcare, pharmacy and retail leader serving millions of customers and patients every day, with a 170-year heritage of caring for communities. A trusted, global innovator in retail pharmacy with approximately 12,500 locations across the U.S., Europe and Latin America, WBA plays a critical role in the healthcare ecosystem. WBA is reimagining local healthcare and well-being for all as part of its purpose – to create more joyful lives through better health. Through dispensing medicines, improving access to a wide range of health services, providing high quality health and beauty products and offering anytime, anywhere convenience across its digital platforms, WBA is shaping the future of healthcare.
Media Contact:
Leigh White
Leigh.white@brightspringhealth.com
502.630.7412
FAQ
How many shares of BrightSpring Health Services (BTSG) is KKR purchasing from Walgreens Boots Alliance?
When is the KKR-Walgreens Boots Alliance transaction for BrightSpring Health Services (BTSG) shares expected to close?
Is BrightSpring Health Services (BTSG) issuing new shares as part of the KKR-Walgreens Boots Alliance transaction?
What type of health services does BrightSpring Health Services (BTSG) provide?
