KKR and Walgreens Boots Alliance have agreed to acquire BrightSpring from Onex and will merge the home healthcare provider with PharMerica, a provider of pharmacy services across the US. KKR and Walgreens bought PharMerica in 2017 for $1.4bn. BrightSpring president and CEO Jon Rosseau will lead the merged entity. BrightSpring Health Services and PharMerica Corporation announced that the two companies will join together to become a leading provider of home and community-based health and pharmacy services for high-need and medically complex populations. The strategic combination of BrightSpring and PharMerica creates a uniquely positioned diversified health care services company with comprehensive care capabilities across clinical, non-clinical and pharmacy services in multiple care settings. Upon close, the combined businesses will serve over 300k clients daily in 44 states and the District of Columbia. “This transaction provides both significant strategic and day-to-day benefits for the client and patient bases and valued customers of both organizations. With BrightSpring’s daily presence in care settings and PharMerica’s national pharmacy footprint, the combined business will offer existing and new customers expanded access to comprehensive care and pharmacy services, including augmented and clinically focused programs to best serve patients and meet our customers’ needs,” PharMerica Greg Weishar, President and Chief Executive Officer. As part of the transaction, private equity firm Onex Corporation is selling its interest in BrightSpring. Upon close, the combined enterprise will be owned by KKR with an affiliate of Walgreens Boots Alliance, Inc. as a minority investor. The transaction is subject to regulatory approval and customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act. It is expected to close in the first quarter of 2019.