Alliance Boots and Walgreens complete merger

Alliance Boots has announced the completion of its merger with US partner Walgreens, creating a new organisation called Walgreens Boots Alliance.

Finalising the two-step merger process launched in 2012, the move has led to the creation of the world's first global pharmacy-led health and wellbeing enterprise. It will operate in 25 countries, with more than 12,800 stores, over 370,000 employees and in excess of 340 pharmaceutical distribution centres worldwide.

To be headquartered in Deerfield in the US, the new-look company will be overseen by an international management team and consists of three divisions, with US and international retail pharmacy units accompanied by a pharmaceutical wholesale division.

Greg Wasson is retiring as Walgreens' president and chief executive officer after completion of the merger, with Stefano Pessina to take over as acting chief executive of Walgreens Boots Alliance.

James Skinner, chairman of Walgreens, has become the executive chairman of Walgreens Boots Alliance, while William Foote now serves as lead independent director of the board of the new company.

Mr Pessina said: "We have forged a worldwide healthcare champion, which will provide innovative ways to address global health and wellbeing challenges by helping to shape retail pharmacy, healthcare and pharmaceutical wholesale markets around the world."