McKesson Corporation, parent company of LloydsPharmacy, has entered an agreement to sell its UK businesses to private equity firm Aurelius for £477 million.
“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,” McKesson said in a statement.
“The transaction is expected to close in fiscal 2022, subject to customary closing conditions, including receipt of required regulatory approvals,” it added.
The deal, which follows McKesson’s recent sale of certain European businesses to Phoenix Group, is seen another step towards the firm’s commitment to streamline the business and exit the European region.
Brian Tyler, chief executive officer of McKesson said: “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 confirmed the deal calling it the largest transaction in the company’s history.
The multi-asset management firm aims to support McKesson UK by further investing in and growing each of its business divisions.