Walgreens said that 97 percent of its shareholders approved the company's acquisition of the remaining 55 percent of Alliance Boots it does not currently own.
"The transaction will fully combine the two companies to form the first global pharmacy-led, health and wellbeing enterprise," said Walgreens, which has more than 8,200 US stores.
The deal involves reorganization into a holding company structure, Walgreens Boots Alliance, Inc., with Walgreens a wholly owned subsidiary.
The combined company will be headquartered in Deerfield, Illinois, where Walgreens is based, and will have more than 11,000 stores in 10 countries. The wholesale operations will have a presence in some 20 countries.
Boots operations will continue at its current British headquarters in Nottingham.
Stefano Pessina, the Alliance Boots executive chairman, will lead the new company as acting chief executive.
Walgreens announced earlier in December that president and CEO Greg Wasson would step down shortly after the deal closes.
Walgreens chairman James Skinner is to become the executive chairman of Walgreens Boots Alliance.
Walgreens said the transaction is expected to be completed on Wednesday. The combined company's shares will trade under the ticker symbol WBA on the Nasdaq Stock Market.
Shares in Walgreens were up 0.4 percent at $76.77 in early-afternoon trade on the New York Stock Exchange.
In 2012, Walgreens acquired a 45 percent stake in Alliance Boots, based in Bern, Switzerland, for $6.7 billion, with an option to buy the rest for about $9.5 billion.
In August Walgreens said it would exercise that option but that it would not combine with Alliance Boots under a foreign parent company in a controversial "tax inversion" that provides shelter from US taxes.
Walgreens said it had abandoned the idea in part because of public opposition to inversions and the fact that a major portion of its revenues come from government-funded reimbursement programs.
HEALTH
US pharmacy chain buys out Swiss-based rival
Shareholder of US pharmacy chain Walgreens has approved a $16 billion takeover of Swiss-based rival Alliance Boots that creates a global leader in the drug store business.
For members
HEALTH
How difficult is it to change your doctor in Switzerland?
If you already have a GP doctor in Switzerland but, for some reason, need or want to switch, how easy is it to do so?
Updated: 8 September 2024 05:47 CEST
There are a number of reasons why you may want to leave your GP and find a new one.
Maybe you don’t like their bedside manner, are not happy with the medical care, or are simply moving away and need to find someone closer to your new home.
Whatever the reason, whether or not you can easily switch from one doctor to another depends on the kind of health insurance you have.
Different models, different rights
If you have the ‘standard’ — and typically the most expensive — type of the obligatory health insurance (KVG / LaMal), then you are free to switch your GPs at will, and you don’t have to inform the insurance carrier of the switch.
However, if you have opted for one of the cheaper insurance models, then your right to switch doctors may be limited:
Family doctor model’
It is the most popular in Switzerland (and 20 percent cheaper than standard insurance policy premiums).
Under this model, you have a family doctor who will manage your care — that is, treat you or send you to specialists if needed (with the exception of gynecologists and eye doctors, who don’t require a referral).
You can’t, however, change doctors at will, unless your insurance company approves the switch.
Telemedicine model
If you have opted for the Telemed formula, you must call a health hotline set up by your insurance company.
They will give you a referral to a doctor or hospital based on your symptoms.
Heath Maintainance Organisation (HMO)
Under this model, policyholders are required to consult a particular HMO practice. Two disadvantages of this alternative is a limited choice of doctors and you also need a referral to see a specialist.
So the only option that gives you the right to switch doctors with no hassle is the standard one, with the family doctor model also possibly allowing you to do so, under certain circumstances.
The way Telmed and HMO are set up, however, switching doctors is not possible. If that option is important to you, then you will have to switch to the (more expensive) standard insurance.
The only exception to the above restrictions are emergencies, when you need urgent medical treatment.
Assuming you have the standard model, how do you go about changing?
The process is pretty simple: you can find physicians in your area either through recommendations from people you know (which is the best way to ensure you will not be getting an ‘anonymous’ doctor) or, if no recommendations are available, then through the OneDoc platform, which lists which doctors are taking new patients and where.
You can then make an appointment directly online.
When you do so, ask your current physician’s office to transfer your file to the new doc.
You don’t need to explain the reasons for the switch.
READ ALSO: The essential Swiss websites you need to use for health matters
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