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Walgreens acquires majority share of CareCentrix

Walgreens acquires majority share of CareCentrix

Walgreens Boots Alliance has completed a deal making it majority owner of home health benefit management firm CareCentrix, the company announced Wednesday.

The $330 million deal was first announced last October and gives Walgreens a 55% share in CareCentrix. Walgreens asserts the transaction strengthens its capabilities to help patients transition from hospitals to home, a news release said. Walgreens has the option to purchase the remaining shares in the future.

“We created Walgreens Health to reimagine local healthcare and well-being for all. This partnership advances our ability to address the needs of people across care settings immediately following hospital discharge,” Walgreens Boots Alliance CEO Roz Brewer said in the news release. CareCentrix will operate as an independent company and maintain its executive leadership.

The CareCentrix deal is part of Walgreens’ efforts to diversity its healthcare offerings and supports Walgreens Health, a segment that includes pharmacy, primary care, post-acute care and technology-based services, according to the company. Last year, the company invested $5.2 billion to become majority owner of primary-care startup VillageMD and spent $970 million to acquire a controlling interest in Shields Health Solutions, an integrated pharmacy care provider.