Walgreens Boots Alliance has announced its acquisition of a 40% minority stake in Chinese retail pharmacy chain Sinopharm Holding GuoDa Drugstores Co., Ltd. (GuoDa).
The stake was acquired through a capital increase worth RMB 2.767 billion (around $416 million). It will be accounted for as an equity method investment.
“We are delighted that we have received regulatory approvals and our investment agreement has now been completed,” said executive vice chairman and CEO Stefano Pessina. “We believe GuoDa holds a strong position in the sector, and as a global pharmacy-led health and beauty enterprise, we are well positioned to support its further growth ambition. We are looking forward to sharing our international best practices and pharmacy expertise. We believe there is great potential in working together to play a transforming role in the evolving Chinese retail pharmacy market.”