CONSHOHOCKEN, PA — Cencora, Inc. (NYSE: COR) has announced an agreement to repurchase approximately $50 million worth of its common stock from Walgreens Boots Alliance Holdings LLC. The transaction aligns with Cencora’s existing share repurchase program, which supports shareholder value by holding the repurchased shares in treasury.
The share repurchase coincides with Walgreens Boots Alliance’s sale of Cencora shares under Rule 144 of the Securities Act of 1933. Cencora will acquire the shares at the same price as established in the Rule 144 sale. This comes as Walgreens Boots Alliance settles certain variable prepaid forward sale contracts with financial institutions, a process that also includes the return of Cencora shares used as collateral for those agreements. Despite these adjustments, Walgreens Boots Alliance continues to pledge its remaining Cencora stock to secure other ongoing obligations under additional variable prepaid forward sale contracts.
Strategic Implications
This transaction reflects Cencora’s commitment to strategic capital allocation while providing flexibility to enhance shareholder value. By participating in the repurchase, Cencora strengthens its position amidst Walgreens Boots Alliance’s broader restructuring of its holdings.
The repurchase highlights Cencora’s effort in optimizing its share repurchase program and maintaining a disciplined approach to financial management. This strategic transaction positions the company to advance its long-term growth objectives while reinforcing its commitment to delivering value to investors.
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