Madison Dearborn Partners has agreed to acquire a majority interest in Walgreens Infusion Services in a deal that would make the division a new independent company; as part of the agreement, drugstore giant Walgreens will maintain a significant minority interest and have representatives on the company's Board. Reports have indicated the division could be valued at around $1.5 billion.
Walgreens Infusion Services has 89 infusion pharmacies and 110 alternate treatment sites in 40 U.S. states, boasting roughly 4,700 employees and the ability to serve over 90% of the country's population. Its clinicians treat patients with a range of acute and chronic conditions. The deal is expected to close in 2Q; BofA Merrill Lynch will lead the first lien financing and Goldman Sachs' mezzanine fund is providing the second lien notes.