IRVING, Texas – (BUSINESS WIRE) – McKesson Corporation (NYSE: MCK) today announced that it has entered into an agreement to sell its European businesses in France, Italy, Ireland, Portugal, Belgium and Slovenia to the PHOENIX group. This transaction also includes McKesson’s German AG headquarters in Stuttgart, Recucare GmbH, its German wound care business, its shared services center in Lithuania and its 45 percent 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. The remaining European businesses in the UK, Norway, Austria and Denmark are not included in this transaction and will continue to be operated by McKesson. However, McKesson is keen to explore strategic alternatives for any remaining European companies and to focus future investments on growth strategies outside of Europe. McKesson will also retain its minority stake in the company’s Germany joint venture with Walgreens Boots Alliance. “Today’s transaction is an important step in driving McKesson’s commitment to streamline business and prioritize investments in areas where we have extensive expertise and are central to our long-term growth strategy,” said Brian Tyler, McKesson CEO. “We are confident that the businesses contained in this agreement, under the strong leadership of the PHOENIX group, will be well positioned for the future to compete more effectively and serve customers better. We will continue to operate our remaining stores in the UK, Norway, Austria and Denmark while exploring a strategic path to get out of the European region entirely. Our goal is to accelerate our growth strategies, become a more focused organization and enable our mission to improve care in every environment. ”The PHOENIX group is a leading integrated healthcare provider and a leader in the European healthcare sector with over 25 years of service experience from customers, patients and partners across Europe. The PHOENIX group shares McKesson’s deep commitment to these groups, which is one of the many reasons that the PHOENIX group is the ideal leader to lead these European companies into the future. As previously announced, McKesson will publish its financial results for the first quarter of fiscal year 2022 on Wednesday, August 4, 2021 after the market closes. The company will host a live webcast of the results conference call for investors to share its financial results results at 4:30 p.m. Eastern Time. The company will not provide any further comments on the sale of the European businesses until the results are announced on August 4, 2021. Cautionary Statement Other than historical information, the statements in this press release relating to McKesson’s proposed disposal of certain operations and assets in Europe constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that involve risks and uncertainties that could cause actual results to differ materially from those in these statements. It is not possible to identify all of these risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which speak only as of the date of their initial publication. The company does not undertake any obligation to publicly update any forward-looking statements other than to the extent required by law. We encourage investors to read the important risk factors described in the company’s latest Form 10-K filed with the Securities and Exchange Commission. These risk factors include, but are not limited to: delays or other difficulties in disposals, such as the transactions described in this press release, could adversely affect us; from time to time we recognize significant charges from impairment of goodwill, intangible assets and other assets or investments; We could be adversely affected by events beyond our control, such as widespread public health problems, natural disasters, political events, and other catastrophic events. About McKesson Corporation McKesson Corporation is a leading global provider of supply chain management solutions for healthcare, retail pharmacies, outpatient oncology and specialty medicine, and healthcare information solutions. McKesson works with pharmaceutical manufacturers, vendors, pharmacies, governments, and other healthcare organizations to deliver the right drugs, medical devices, and health services to the right patients, at the right time, safely, and affordably. United by our common ICARE principles, our employees work every day to create innovations and offer opportunities that make our customers and partners more successful – all for the benefit of the patients. McKesson was named “Most Admired Company” in the Health Wholesaler category by FORTUNE, “Best Place to Work” by the Human Rights Campaign Foundation and “Top Military Friendly Company” by Military Friendly. More information is available at www.mckesson.com.
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