McKesson (NYSE:MCK) announced today that it entered into an agreement to send its United Kingdom-based business to Aurelius.
Aurelius, a pan-European asset management group, will acquire McKesson’s UK businesses, including LloydsPharmacy, LloydsDirect (previously Echo by LloydsPharmacy), AAH Pharmaceuticals, LloydsPharmacy Clinical Homecare, LloydsPharmacy Online Doctor, MASTA and John Bell & Croyden, according to a news release.
The companies expect the transaction to close, customary to closing conditions and including receipt of required regulatory approvals, sometime in fiscal 2022.
McKesson said the agreement represents another step in its efforts to streamline its business and fully exit the European region, while Aurelius expects to support McKesson’s U.K. businesses by further investing in and growing each division.
“We are extremely proud of the role that our business has played to advance better healthcare in the U.K., and especially the work during the pandemic to ensure that patients continue to have access to needed medicines and to assist the NHS with the distribution and administration of COVID-19 vaccines,” McKesson CEO Brian Tyler said in the release. “As we explore strategic options to fully exit Europe, this transaction provides our UK operation with the best path forward to achieve its long-term growth potential, while allowing McKesson to focus future investments in strategic growth areas outside of Europe.”