KKR reaches agreement with Alliance Boots pension trustees
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KKR reaches agreement with Alliance Boots pension trustees
Tuesday, June 19, 2007 10:30:00 AM ET
newratings.com
LONDON, June 19 (newratings.com) – Private equity firm Kohlberg Kravis Roberts (KKR) Tuesday announced that it had reached an agreement with the pension trustees of UK-based health and beauty stores operator Alliance Boots Plc (ticker: AB-GBX ).
Alliance Boots had last month agreed to be acquired by KKR and Stefano Pessina, the UK company’s deputy chairman, for £11.1 billion. The deal has also received the requisite approval from the EU regulatory authorities. The private equity firm’s bid vehicle AB Acquisitions mentioned on Tuesday that it had agreed to contribute £418 million in cash to the Boots Pension Scheme over the next ten years. The two parties have also agreed to a £600 million security package, including a £200 million priority claim. "We are pleased to have reached a satisfactory agreement on the future funding and security of the Boots pension scheme," said John Watson, chairman of the trustees.
Alliance Boots was formed last year by the merger of drug distributor Alliance Unichem PLC and retail chain Boots Group PLC. The company operates 3,000 Boots drugstores in the UK, Europe and Asia, besides supplying products to hospitals, health centers and pharmacies.
Related: KKR reaches agreement with Alliance Boots pension trustees
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Under various work situations, the salon operator could in fact be the employer of all the salon workers including beauty operators, shampooists.
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