Pessina’s pay-off

Stefano Pessina has made some pretty bold deals in his time. But his latest – a plan to take Alliance Boots, the UK healthcare group, private – shows real brass. Pessina was left with a 15% stake after he merged Alliance Unichem, the drug distribution firm he founded, with retailer Boots last year. But in buying the company back with buyout firm KKR, the group’s executive deputy chairman could pocket 40% control, without paying a penny. The key is debt. Pessina and KKR will want to pile as much ...