Walgreen Co. buys Europe's biggest pharmacy chain

U.S. retailer Walgreen Co. will make a full takeover of Europe's biggest pharmacy chain Alliance Boots, but won't use the deal to move its tax domicile overseas after fierce criticism of such tax-cutting moves at home.

On Wednesday, the company announced it would purchase the 55 percent it does not already own of Alliance Boots for roughly $5.27 billion in cash and 144.3 million Walgreen shares. It had held a 45 percent stake since 2012, according to Fox Business.

With the move, Walgreen announced it would keep its headquarters in the Chicago area after facing backlash at the possibility of moving out of the U.S.

Walgreen's retreat is the third major possible tax inversion deal to collapse in recent months amid heightened political sensitivity in the U.S. to such transactions, according to Fox Business.

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