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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Sale of Bergen's Distribution Unit Final

August 17, 2000|Dow Jones

Cardinal Health Inc. said Thursday that its Allegiance Corp. unit has completed the acquisition of Bergen Brunswig Corp.'s medical supply distribution unit for $181 million in cash.

Orange-based Bergen, one of the nation's largest drug wholesalers, is selling the distribution unit and most of its struggling Stadtlander specialty pharmacy unit to help reduce its debt load and concentrate on its pharmacy-distribution business.

The medical supply distribution unit employs about 1,400 people and has annual revenue of about $870 million.

Bergen is selling its Stadtlander unit to CVS Corp., the nation's largest drugstore chain, for $124 million in cash.

Bergen said previously that it plans to use proceeds from the transactions to reduce $1.25 billion in long-term debt.

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