McKesson (NYSE: MCK) today announced that it has entered into an agreement to sell its UK businesses to AURELIUS, a pan-European asset management group with offices in Munich, London, Stockholm, Madrid, Amsterdam, Milan, and Luxembourg. The transaction includes the sale of McKesson UK businesses LloydsPharmacy, LloydsDirect (previously Echo by LloydsPharmacy), AAH Pharmaceuticals, LloydsPharmacy Clinical Homecare, LloydsPharmacy Online Doctor, MASTA, and John Bell & Croyden. The transaction is expected to close in fiscal 2022, subject to customary closing conditions, including receipt of required regulatory approvals.
The agreement, which follows McKesson’s recently announced sale of certain European businesses, is another important step in advancing McKesson’s commitment to streamline the business and fully exit the European region.
“We are extremely proud of the role that our business has played to advance better healthcare in the UK, and especially the work during the pandemic to ensure that patients continue to have access to needed medicines and to assist the NHS with the distribution and administration of COVID-19 vaccines,” said Brian Tyler, chief executive officer, McKesson. “As we explore strategic options to fully exit Europe, this transaction provides our UK operation with the best path forward to achieve its long-term growth potential, while allowing McKesson to focus future investments in strategic growth areas outside of Europe.”
AURELIUS expects to support McKesson UK by further investing in and growing each of its business divisions. The pan-European multi-asset manager has a proven track record and focus on operational excellence and shares McKesson’s deep commitment to serving its customers.
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Except for historical information, statements in this press release related to McKesson’s proposed disposition 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 those statements. It is not possible to identify all such risks and uncertainties. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are first made. Except to the extent required by law, the Company undertakes no obligation to publicly update forward-looking statements. We encourage investors to read the important risk factors described in the company’s most recent Form 10-K filed with the Securities and Exchange Commission. These risk factors include but are not limited to: we might be adversely impacted by delays or other difficulties with divestitures such as the transactions described in this press release; we from time to time record significant charges from impairment to goodwill, intangibles, and other assets or investments; we might be adversely impacted by events outside of our control, such as widespread public health issues, natural disasters, political events, and other catastrophic events.