DEERFIELD, Ill.– Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced the acceleration of its plans to acquire full ownership of CareCentrix (CCX Next, LLC), expanding its reach into the growing homecare sector and advancing its healthcare long-term growth strategy.
WBA has entered into a definitive agreement to acquire the remaining 45% stake for approximately $392 million, which is based on the exit multiple agreed to at the time of WBA’s initial majority investment announcement in CareCentrix.
CareCentrix is an industry leader in the $75 billion post-acute and home care industry, providing care coordination and outsourced benefit management services. WBA’s full acquisition of CareCentrix follows WBA’s 55% majority investment in the company, which closed on August 31, 2022. The full acquisition is subject to limited customary closing conditions and is expected to close by March 2023.
“We continue to see strong results and potential for growth from our partnership with CareCentrix. Our full acquisition further accelerates our transformation to become a consumer-centric healthcare company, leveraging innovative platforms that extend our capabilities into fast-growing segments of healthcare,” said Roz Brewer, CEO, WBA. “CareCentrix is key to offering services to our patients at every stage of the care continuum, and to driving long-term, sustainable growth as part of our U.S. Healthcare strategy.”
CareCentrix currently manages care for more than 19 million members through over 7,400 provider locations, offering a suite of services on an integrated basis to support home care models – including home nursing, durable medical equipment, home infusion and in-home palliative care. By helping to accelerate the transition of care to patients’ homes, CareCentrix provides one of the core elements to support value-based care on behalf of health plans and providers.
In WBA’s fiscal year 2021, CareCentrix delivered pro forma sales of $1.5 billion. The company will continue as a distinct business and brand within Walgreens following the full acquisition.
“We are thrilled to be part of WBA’s vision to transform local healthcare and develop new valued-based models,” said John Driscoll, CEO, CareCentrix. “A major component of the future of healthcare is in the home, and CareCentrix is critical to enabling WBA to serve patients wherever and however works best for them.”
