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Moody’s could drop Walgreens Boots
Moody's Investors Service said it placed the ratings of Walgreens Boots Alliance, Inc. and its wholly owned subsidiary Walgreen Co. on review for downgrade.
The review is prompted by Walgreens Boots’ and Rite Aid Corp.'s announcement that Walgreens Boots would be acquiring Rite Aid for $9 per share plus its existing debt in a transaction valued at about $17.2 billion. Moody's estimates that this represents over a 13 times EBITDA multiple and about a 48% premium over Rite Aid's closing share price on Oct. 26.
The transaction is expected to close during the second half of 2016.
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