By John Kell 
 

Walgreen Co. (WAG) has signed a pact with a health-care-focused private-equity firm to sell a majority stake in the drugstore retailer's subsidiary that manages more than 360 worksite health centers.

On Thursday, Walgreen said Water Street Healthcare Partners would buy a majority interest in Take Care Employer Solutions, a Walgreen business. Take Care's health centers are staffed by physicians, nurse practitioners and other medical professionals, and offer pharmacy, primary care, chronic-condition management and other services.

Financial terms of the deal, which isn't expected to have a material impact on Walgreen's fiscal-year earnings, weren't disclosed. The transaction is expected to close by the middle of 2014.

Water Street, meanwhile, also signed an agreement to invest in CHS Health Service, which is another provider of worksite health centers. Once the deal is closed, Water Street intends to merge Take Care and CHS to form a new company. It will own a majority interest in the venture, while Walgreen will own a "significant minority interest."

Walgreen and other major drugstore chains in recent years have aimed to expand their role in the healthcare sector by offering more services at their pharmacies, while also signing pacts or takeovers into adjacent pockets of the industry.

Walgreen said Healthcare Clinic, which has more than 400 in-store locations that formerly operated under the Take Care name, aren't part of the deal and the drugstore chain will continue to manage those clinics.

Write to John Kell at john.kell@wsj.com

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