Walgreens sells majority interest in Take Care Employer Solutions

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The buyer is Water Street Health Care Partners, and Walgreens (WAG +0.8%) will retain a minority stake in Take Care and be the preferred strategic partner with Water Street.

Take Care is a Walgreens subsidiary managing over 360 worksite health centers across the country. At the same time, Water Street has agreed to get a piece of CHS Health Care Services, a provider of 130 worksite health centers.

Financial terms were not disclosed and Walgreens doesn't expect the deal to have a material impact this fiscal year.