Walgreens Confirms Full Takeover of Boots

US pharmacy chain Walgreens has confirmed it is to take full control of Boots.

In a deal worth £5.6bn worth of cash and shares, the drugs giant will acquire the remaining 55% of Alliance Boots that it does not already own.

But as US markets opened following the news, shares in Walgreens were 16% lower, wiping $10.6bn (£6.3bn) off the company's market value.

The transaction is expected to be completed early in 2015, following full shareholder approvals.

The new enterprise will be named Walgreens Boots Alliance and will keep its headquarters in the US.

Meanwhile, UK-based Boots will remain headquartered in Nottingham.

Walgreens Boots Alliance will be led by chief executive Greg Wasson, with senior executives from both companies on the management team.

Mr Wasson said: "We are excited to move forward with the next important step in becoming a new kind of global healthcare leader.

"Expanding globally with Alliance Boots will make quality healthcare more affordable and accessible to communities here in America and around the world."

It comes after Sky News exclusively revealed news of the deal yesterday.