Walgreens has sold its pharmacy benefit management business Walgreens Health Initiatives (WHI) to Catalyst Health Solutions for $525m (£450m), subject to certain adjustments. The transaction is structured as an acquisition of all the capital stock of WHI.

Walgreens will retain and look to continue growing its speciality pharmacy and mail service businesses. The transaction, subject to regulatory approvals and clearances, is expected to close by the end of June 2011.

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