Walgreens has “exercised its option to complete the second step of its strategic transaction” with Alliance Boots. The new company will be the first global pharmacy-led, health and wellbeing enterprise. The combined group will be named Walgreens Boots Alliance and will be headquartered in the Chicago area. Boots will continue to be based in Nottingham, UK, and the current support offices of Alliance Healthcare will remain across Europe. The transaction is expected to complete in the first quarter of 2015, subject to shareholder and regulatory approvals.

The management team of the new conglomerate will comprise senior executives from both companies, led by Greg Wasson as president and CEO of Walgreens Boots Alliance.