The merger of Deerfield, IL-based Walgreen Co. and UK drugstore chain Alliance Boots Monday was handily approved by 97% of Walgreen shareholders.
The merger already enjoys regulatory approval and should be finalized by Dec. 31.
Last week in its earnings call the drugstore retailer said it will be making significant cost cutting moves after the deal was final, including possibly closing stores or shifting its approach to location and real estate.
Once this deal is final, America’s largest drugstore retailer will be even bigger. Walgreen itself will be a wholly owned subsidiary of what is to be Walgreens Boots Alliance. While the company is to remain headquartered in the Chicago area, there has been renewed talk of possibly shifting that overseas, which could save the company significant taxes. The merger deal was approved handily, but questions remain about how it will cut costs, among other issues.