July 3, 2007
On July 2, Walgreen Co. and Option Care, Inc. announced a definitive agreement in which Walgreens will acquire Option Care in a cash transaction valued at approximately $850 million, including the assumption of some debt. Willkie assisted Peter J. Solomon Company, financial advisor to Walgreens on the deal. The $19.50 per share deal creates the fourth-largest provider of specialty pharmacy services in the United States. Walgreen Co. is the nation's largest drugstore chain with over 5,750 stores in 48 states and Puerto Rico, and sales of $47.4 billion in fiscal 2006. Option Care provides a full spectrum of specialty pharmacy and home infusion services from a national network of more than 100 pharmacies in 34 states.
Willkie also recently advised Peter J. Solomon as financial advisor to the Special Committee of the Board of Directors of Guitar Center, Inc. in Guitar Center’s $2.1 billion agreement to be acquired by Bain Capital, and in its role as financial advisor to Finish Line in its $1.5 billion acquisition of specialty retailer Genesco Inc. Partner Richard Posen and associate Robert Langdon represented Peter J. Solomon on the Walgreen Co. and Guitar Center deals, and partners Matthew Feldman and Paul Shalhoub advised on the Finish Line transaction.