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(RTTNews) - McKesson Corporation (MCK), a healthcare service provider, said on Monday that it has inked a deal with Apollo Funds to sell a minority ownership interest in Medical-Surgical Solutions, or MMS, business.

"This transaction represents a meaningful milestone as McKesson executes its separation strategy of MMS in preparation of a planned initial public offering," McKesson said.

Apollo Funds will invest $1.25 billion in convertible preferred equity of MMS to acquire around 13% minority interest. This transaction values MMS at around $13 billion.

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