McKesson To Divest Certain European Businesses To PHOENIX Group - Quick Facts

(RTTNews) - Healthcare firm McKesson Corp. (MCK) announced Wednesday that it has agreed to sell its European businesses in France, Italy, Ireland, Portugal, Belgium, and Slovenia to German healthcare provider PHOENIX group. The financial terms of the deal were not disclosed.

This transaction also includes McKesson's German-based AG headquarters in Stuttgart, Recucare GmbH, its German wound-care business, its shared services center in Lithuania, and its 45% ownership stake in Brocacef, the company's joint venture in the Netherlands.

The transaction is expected to close in 2022, subject to customary closing conditions, including receipt of required regulatory approvals. It will also explore strategic alternatives for all remaining European businesses in the UK, Norway, Austria, and Denmark.

The transaction enhances McKesson's focus and commitment to future investments in strategic growth outside of Europe, including oncology and biopharma services, and core pharmaceutical and medical distribution.

McKesson will also retain its minority equity stake in the company's Germany joint venture with Walgreens Boots Alliance.