WCAS to divest remaining stake in Shields to Walgreens Boots Alliance

• The transaction is expected to close by the end of this year
• John Lucey, co-founder and current president of Shields, will lead the organization as CEO while current Shields CEO Lee Cooper will take on a new executive role within WBA
• Sidley Austin LLP acted as legal advisor for WBA on the deal, with Ropes & Gray LLP acting as lead legal advisor for Shields, along with Goodwin Procter LLP and K&L Gates LLP

Welsh, Carson, Anderson & Stowe has agreed to sell its remaining stake in specialty pharmacy integrator Shields Health Solutions, to Walgreens Boots Alliance. The size of the deal is about $1.37 billion.

The transaction is expected to close by the end of this year.

Shields will continue as a distinct business and brand within Walgreens. John Lucey, co-founder and current president of Shields, will lead the organization as CEO of Shields, and current Shields CEO Lee Cooper will take on a new executive role within WBA. Lucey partnered with Jack Shields 10 years ago to start the business and has led its operations for most of that time.

“We’re thankful for the outstanding partnership we’ve enjoyed over the past three years with the Shields management team, Founder Jack Shields, UMass Memorial Health and WBA. We greatly appreciate the team’s work to build an awesome company. From day one, it has been a terrific experience working with the Shields and WBA teams,” said Tom Scully, general partner, Welsh, Carson, Anderson & Stowe, in a statement.

Sidley Austin LLP acted as legal advisor for WBA. Ropes & Gray LLP acted as lead legal advisor for Shields, along with Goodwin Procter LLP and K&L Gates LLP.
Walgreens Boots Alliance is an integrated healthcare, pharmacy and retail company.