Walgreens Boots Alliance Inc. (Nasdaq: WBA) is making a majority investment in Shields Health Solutions, an integrated, health system-owned specialty pharmacy care. The investment is worth $970 million, and Welsh Carson, Anderson & Stowe will remain a shareholder in the target.

The deal follows a minority equity investment that Walgreens made in Shields in July 2019 and Walgreens has option to acquire the remaining equity in the future. Shields works with more than 1 million specialty patients and 70 health system partners nationwide.

“Delivering pharmacy and healthcare services in the local community is one of many ways WBA is working to improve access and health outcomes, as well as to lower the total cost of care,” said Walgreens CEO Roz Brewer. “We’re continuing to make strategic investments in pharmacy and healthcare solutions that can build on our core pharmacy business, and further expand our healthcare reach in communities.”

Centerview Partners, Ropes & Gray LLP, Goodwin Procter LLP and K&L Gates LLP are advising Shields. Sidley Austin LLP, Weil, Gotshal and Manges and Reed Smith are advising Walgreens.