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Stock Market & Financial Investment News

News Breaks
April 3, 2014
13:03 EDTWAGWalgreens signs definitive agreement with Water Street Healthcare Partners
Walgreen Co. announced that it has signed a definitive agreement with Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, in which Water Street will acquire a majority interest in Take Care Employer Solutions. Take Care Employer Solutions is a Walgreens subsidiary that manages more than 360 worksite health centers nationwide. Water Street also has signed an agreement to simultaneously invest in CHS Health Services, a premier provider of more than 130 worksite health centers. Water Street will merge Take Care Employer Solutions and CHS to form a new company dedicated to providing worksite health centers that improve the cost and quality of employee health care. The new company will have more than 85 years of combined experience in employer health solutions and will serve more than 200 leading corporations through nearly 500 worksite health and wellness centers located across the country. Water Street will own a majority interest in the new company, and Walgreens will own a significant minority interest and have representatives on the new company’s board of directors. The new company will be led by Stuart Clark, CEO. Trent Riley, divisional vice president, Take Care Employer Solutions Group, will serve as COO. The name of the new company will be determined during the integration process. Financial terms of the agreement were not disclosed. Walgreens anticipates the transaction will not have a material impact on earnings per share in fiscal year 2014. The transaction is subject to satisfaction of regulatory requirements and other conditions, and is expected to close by mid-calendar year 2014. Until the close of the transaction, Take Care Employer Solutions and CHS will operate business as usual and as separate companies.
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