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McKesson Corporation Enters Agreement to Sell its Austrian Business to Quadrifolia Management GmbH
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Rhea-AI Summary
McKesson Corporation (NYSE: MCK) has agreed to sell its Austrian operations to Quadrifolia Management GmbH. This deal includes McKesson Austria’s Herba Chemosan Apotheker-AG and Sanova Pharma GesmbH, expected to close in fiscal 2022 following regulatory approvals. CEO Brian Tyler stated this aligns with McKesson's strategy to streamline its portfolio and exit the European market, following previous agreements in the UK, France, Italy, Ireland, Portugal, Belgium, and Slovenia.
Positive
Agreement to streamline operations enhances focus on core growth areas.
Sale of Austrian operations aligns with exiting the European market, potentially reducing operational complexities.
Negative
Exit from European market may lead to decreased revenue sources in a previously profitable region.
Potential risks associated with divestitures could affect financial stability.
Follows recently announced agreements to sell McKesson Europe businesses in UK, France, Italy, Ireland, Portugal, Belgium, and Slovenia as part of broader enterprise strategy to fully exit the European region
IRVING, Texas--(BUSINESS WIRE)--
McKesson Corporation (NYSE: MCK) today announced that it has entered into an agreement to sell its Austrian business to Quadrifolia Management GmbH (“Quadrifolia”). The transaction includes the sale of McKesson Austria’s Herba Chemosan Apotheker-AG, together with Sanova Pharma GesmbH. The transaction is expected to close in fiscal 2022, subject to customary closing conditions, including receipt of required regulatory approvals.
“Today’s transaction marks another milestone in advancing McKesson’s intent to streamline the portfolio and prioritize investments in areas where we have deep expertise and are central to our long-term growth strategy. We are making good progress in executing our strategy to exit Europe and continue to evaluate suitable exit alternatives for our businesses in Norway and Denmark,” said Brian Tyler, chief executive officer, McKesson.
Quadrifolia will be conducting a management buyout which will see the existing management of the Austrian business buy all of the Herba Chemosan Apotheker-AG and Sanova Pharma GesmbH, backed by Invest AG. Invest AG has a solid track record of backing businesses in Austria over 25 years and will provide the new owners with further strength to fuel innovation and competition.
Cautionary Statements
Except for historical information, statements in this press release related to McKesson’s proposed disposition of certain operations and assets in Europe constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that involve risks and uncertainties that could cause actual results to differ materially from those in those statements. It is not possible to identify all such risks and uncertainties. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are first made. Except to the extent required by law, the company undertakes no obligation to publicly update forward-looking statements. We encourage investors to read the important risk factors described in the company’s most recent Form 10-K filed with the Securities and Exchange Commission. These risk factors include but are not limited to: we might be adversely impacted by delays or other difficulties with divestitures such as the transactions described in this press release; we from time to time record significant charges from impairment to goodwill, intangibles and other assets or investments; we might be adversely impacted by events outside of our control, such as widespread public health issues, natural disasters, political events and other catastrophic events.
About McKesson Corporation
McKesson Corporation is a global leader in healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information solutions. McKesson partners with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare to help provide the right medicines, medical products and healthcare services to the right patients at the right time, safely and cost-effectively. United by our ICARE shared principles, our employees work every day to innovate and deliver opportunities that make our customers and partners more successful - all for the better health of patients. McKesson has been named a “Most Admired Company” in the healthcare wholesaler category by FORTUNE, a “Best Place to Work” by the Human Rights Campaign Foundation, and a top military-friendly company by Military Friendly. For more information, visit https://www.mckesson.com.
What is McKesson's recent agreement regarding Austria?
McKesson has entered into an agreement to sell its Austrian business to Quadrifolia Management GmbH, including Herba Chemosan Apotheker-AG and Sanova Pharma GesmbH.
When is the expected closing date for McKesson's Austrian sale?
The transaction is expected to close in fiscal 2022, subject to regulatory approvals.
How does the sale of the Austrian operations fit into McKesson's strategy?
The sale is part of McKesson's broader strategy to exit the European market and focus on core areas of expertise.
What are the implications of McKesson exiting Europe for investors?
Exiting Europe may streamline operations but could also lead to decreased revenue from that region, impacting overall financial performance.
