(Reuters) - Walgreens Boots Alliance Inc (WBA.O) said on Friday it would sell a 30 percent stake in a Chinese pharmaceutical wholesaling joint venture to partner Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd (600332.SS).
The joint venture was formed in 2008 as a 50-50 partnership between Guangzhou Pharmaceutical Co Ltd and Europe’s Alliance Boots, which had paid 41 million pounds ($54.81 million) for the stake.
Walgreens Boots will own 20 percent of the joint venture, Guangzhou Pharmaceuticals Corp [GZPHA.UL], following the stake sale, financial details of which were not disclosed.
The U.S. drug retailer this month said it would buy a 40 percent stake in Chinese pharmacy chain operator Sinopharm Holding GuoDa Drugstores Co Ltd for about $416 million, as it looks to expand in the country’s fast-growing healthcare market.
($1 = 0.7480 pounds)
Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Anil D'Silva