Walgreens’ Stefano Pessina’s $70bn global ambition
Any deal would be impossible without the backing of the Italian billionaire who owns 16% of the group and has China in his sights
A $70bn buyout of Walgreens Boots Alliance would be straight out of the Stefano Pessina playbook. While the circumstances behind the informal talks between the company and private equity firms, including KKR, are unknown, as the CEO and largest shareholder of the drugstore chain, Pessina was probably at the forefront. Any deal would be impossible without the backing of the Italian billionaire who owns 16% of the group.
Pessina has spent more than four decades building his pharmaceutical distribution and retail empire through swashbuckling deals. He has been patient, adding to the group piece by piece. But he’s also been opportunistic. With shares in Walgreens down by about 24% over the past year, he may have spotted his chance to extract the group from the public markets...
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