Walgreens Boots Alliance (Nasdaq: WBA) announced on its website Thursday that following receipt of regulatory approvals, it has completed the agreement to acquire a 40-percent minority stake in Sinopharm Holding GuoDa Drugstores Co. Ltd. (GuoDa), a leading retail pharmacy chain in China.

Walgreens Boots Alliance acquired the minority stake in GuoDa through a capital increase worth 2.767 billion yuan, or about 416 million dollars, and will account for the stake as an equity method investment.

"We are delighted that we have received regulatory approvals and our investment agreement has now been completed," said Walgreen Boots Alliance Executive Vice Chairman and CEO Stefano Pessina in the announcement. "We believe GuoDa holds a strong position in the sector, and as a global pharmacy-led health and beauty enterprise, we are well positioned to support its further growth ambition. We are looking forward to sharing our international best practices and pharmacy expertise."

"We believe there is great potential in working together to play a transforming role in the evolving Chinese retail pharmacy market," Pessina said.

Established in March 2004 and headquartered in Shanghai, GuoDa is China National Pharmaceutical Group Corporation's (CNPGC) retail pharmacy platform. After over 10 years of rapid growth, GuoDa has developed national coverage across 19 provinces, autonomous regions and municipalities in China, and now operates more than 3,800 retail pharmacies across around 70 cities and employs close to 20,000 people.

Taking advantage of the unprecedented opportunities created by the Chinese healthcare reform, GuoDa aims to further expand nationwide, now with the aid of Walgreens Boots Alliance.

Walgreens Boots Alliance is one of the world's largest purchasers of prescription drugs and many other health and wellbeing products. Walgreens Boots Alliance and the companies in which it has equity method investments together have a presence in more than 25 countries, run more than 13,200 stores in 11 countries, have one of the largest global pharmaceutical wholesale and distribution networks with more than 390 distribution centers delivering to more than 230,000 pharmacies, doctors, health centers and hospitals each year in more than 20 countries.

Walgreens Boots Alliance's retail and business brands include Walgreens, Duane Reade, Boots and Alliance Healthcare.