Walgreens Boots Alliance Inc.'s international chain, Boots, is transferring its $6 billion pension plan to United Kingdom-based financial services company Legal & General group plc,, according to a recent announcement. The move comes as part of a buy-in deal that insures all 53,000 members in the Boots Pension Scheme, according to Crain’s.
Walgreens attempted to sell Boots in 2021, hoping to net up to $6 billion from that sale, with plans at the time to reinvest that money in healthcare. The pension plan transfer to Legal & General may be another strategic step in preparation for a possible sale of the subsidiary.
While no announcement has been made regarding any re-listing of Walgreens' Boots division, the transfer of such a large pension plan could bolster the financial position of the famous pharmacy chain, and signal bigger moves in the future.
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