By Colin Kellaher

Walgreens Boots Alliance Inc. (WBA) and McKesson Corp. (MCK) on Thursday said they agreed to create a joint venture combining their German pharmaceutical wholesale businesses.

Walgreens will have a 70% controlling interest in the venture, while McKesson will hold a 30% stake, the companies said, adding that they expect the process to take at least six months.

Financial terms of the deal weren't disclosed.

Walgreens, based in Deerfield, Ill., and McKesson, of Irving, Texas, said the combined entity will help drive sustainable growth and deliver efficient distribution solutions for an evolving market.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 12, 2019 06:20 ET (11:20 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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