McKesson Corporation Enters Agreement to Sell Certain European Businesses to the PHOENIX Group
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-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.
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 committed to exploring strategic alternatives for all remaining European businesses and focusing future investments on growth strategies outside of Europe. McKesson will also retain its minority equity stake in the company’s Germany joint venture with Walgreens Boots Alliance.
“Today’s transaction marks an important step in advancing McKesson’s commitment to streamline the business and prioritize investments in the areas where we have deep expertise and are central to our long-term growth strategy,” said Brian Tyler, chief executive officer, McKesson. “We are confident that under the PHOENIX group’s strong leadership, the businesses included in this agreement will be well-positioned for the future to compete more effectively and better serve customers. We will continue to operate our remaining businesses in the UK, Norway, Austria, and Denmark while also exploring a strategic path forward to fully exit the European region. Our goal is to accelerate our growth strategies, becoming a more focused organization and enabling our mission to improve care in every setting.”
The PHOENIX group is a leading integrated healthcare provider and a leader in the European healthcare sector, with over 25 years’ experience serving 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 take these European businesses into the future.
As previously announced, McKesson will release its first quarter fiscal 2022 financial results after market close on Wednesday, August 4, 2021. The Company will host a live webcast of the earnings conference call for investors at 4:30 PM Eastern Time to review its financial results. The Company will not provide further comments regarding the sale of the European businesses until its earnings call on August 4, 2021.
Except for historical information, statements in this press release elated 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.
About McKesson Corporation
McKesson Corporation is a global leader in healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information solutions. McKesson partners with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare to help provide the right medicines, medical products and healthcare services to the right patients at the right time, safely and cost-effectively. United by our ICARE shared principles, our employees work every day to innovate and deliver opportunities that make our customers and partners more successful – all for the better health of patients. McKesson has been named a “Most Admired Company” in the healthcare wholesaler category by FORTUNE, a “Best Place to Work” by the Human Rights Campaign Foundation, and a top military-friendly company by Military Friendly. For more information, visit www.mckesson.com.
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