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Gregory Wasson, the CEO at Walgreen Company (NYSE:WAG), is a happy man today. The market is bubbling with fresh news of Walgreen’s new 45% stake at Alliance boots. The deal had been in the pipeline for more than one year with Wasson citing that talks had been going on for the past 18 months. Wasson snuffed out possibilities of misleading speculations and rumors by accenting that the deal was a partnership and not a takeover. According to sources familiar with the matter, Walgreen will part with $4 billion in cash while the remaining amount will be arrived at through stocks. This $6.7 billion deal revives a lot of prospects and plants a bullish seed over at Walgreen and Alliance boots.

Could this bullish seed yield the much needed ‘magic beanstalk’? – It probably could. Walgreen not only has the chance to gain full control in three years but also has the opportunity to filter through emerging markets. According to the director at London based Kanta Retail, Bryan Roberts, Walgreen’s desire to extend beyond U.S borders will yield a brighter outlook with regard to emerging markets. The deal is also expected to place four Walgreen senior executives on Alliance boot’s board.

Other things of note in the deal include the exceptional cost reductions. At the fall of 2016, both companies will have saved a lumpy $1 billion in costs.

It has also been noted that this is Walgreen’s biggest deal ever. This deal has placed Walgreen and Alliance Boots on top of the list with regard to being the largest drugstore chain company in the U.K. The two now boast of over 11,000 stores based in 12 different countries.