BUZZ-BrightSpring Health Services falls as Walgreens offloads

Reuters
02-19
BUZZ-BrightSpring Health Services falls as Walgreens offloads

** Shares of BrightSpring Health Services BTSG.O down 7.3% premarket to $20.53 as Walgreens WBA.O cuts its holdings

** Wholly-owned subsidiary of Walgreens offloaded 12 mln shares in Rule 144/unregistered block trade being handled by BofA, according to SEC filing late Tues

** Kentucky-based home healthcare and hospice provider BrightSpring, also backed by PE firm KKR KKR.N, went public in Jan 2024 IPO priced at $13

** KKR and Walgreens bought BrightSpring for $1.32 bln in 2019, with Walgreens taking a minority stake

** BrightSpring has ~174.13 mln shares outstanding for $3.9 bln market cap

** Prior to this transaction, KKR owned ~92.96 mln shares (~53% stake), Walgreens held ~23 mln shares (~13%) and Fidelity was third largest investor with ~21 mln shares (~12%)

** Through Tues close, BTSG shares had gained 30% YTD. Stock hit record intraday high of $24.82 on Jan 30, 2025

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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