PRESCRIPTION

Walgreen to Buy Stake in U.K.’s Boots

Time for Britain to get used to seeing more red. Walgreen Co., the U.S.’s largest drugstore chain, announced Tuesday that it will pay $6.7 billion for a 45 percent ownership stake in the British drugstore chain Alliance Boots. Walgreen will have the option to buy the remaining 55 percent within three years. The company will pay $4 billion in cash and the remainder in stock, according to a statement. Alliance Boots was bought in 2007 by KKR & Co. and chairman Stefano Pessina in a £12.1 billion bailout.