The largest drug store chain in the US has signed a 6.7 billion US dollar (£4.3 billion) deal to take a 45% stake in Alliance Boots and could take full control by 2015.
Walgreens, which also trades as Duane Reade, said the strategic partnership with high street chain Boots, which is the market leader in Europe, will create the first global pharmacy business, with 11,000 stores in 12 countries.
The cash and shares deal will also create the world's largest purchaser of prescription drugs and the biggest pharmaceutical and wholesale distribution network.
