Walgreens plans to sell another slice of its Cencora stake for $1.1 billion

The struggling drugstore chain Walgreens will get about $1.1 billion for selling another slice of its stake in drug distributor Cencora. Walgreens said says that it will use the proceeds mostly to pay down debt and for general corporate purposes. The deal reduces Walgreens’ stake in Cencora to about 10% from 12%. Walgreens also said in May that it was selling some Cencora shares for $400 million. That deal shaved its stake in the company down from 13%. Leaders of Walgreens Boots Alliance Inc. said in late June that they were finalizing a plan to turnaround its U.S. business.