DLA Piper advises Aurelius on its acquisition of McKesson UK

Asset management group Aurelius has purchased the McKesson Corporation’s UK business.

McKesson UK is the parent company of a number of leading healthcare businesses, including LloydsPharmacy and AAH Pharmaceuticals.

The completion of the sale marks McKesson UK’s transition to a standalone UK business owned and financially backed by Aurelius, in what is the largest transaction undertaken by Aurelius since being established in 2005. McKesson UK provide medicines, healthcare services and clinical care across the UK, generating more than GBP5 billion in revenue in the financial year to March 2022.

The acquisition was funded by a GBP357.5 million syndicated asset based finance facility, made up of GBP268 million of receivables funding and GBP89 million inventory funding.

The DLA Piper team was led by Manchester-based Finance partner Joseph Frew, supported by senior associate Alastair Carruthers and associate Alex Stone.