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Walgreens kicks off race for £7 billion Boots sale

// Walgreens Boots Alliance is understood to have launched the sales process for Boots
//  Walgreens plans to send preliminary information on Boots to potential suitors ahead of first-round bids due in the coming weeks

Private equity groups are circling Boots as its US owner kicks off a sale of the 172-year-old pharmacy chain.

Walgreens Walgreens Boots Alliance is preparing to send out preliminary information on Boots to potential suitors ahead of first-round bids due in the coming weeks, according to Bloomberg.

Boots, which has 2,200 stores in Britain and employs around 55,000 people, is expected to be valued at as much as £7 billion.

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Buyout firms including American private equity group Sycamore Partners are understood to be mulling bids for Boots, prompting its owner Walgreens to launch a sales process to offload its UK operations.

Other buyout firms including TDR Capital – which bought Asda last year with the Issa brothers – plus Bain Capital and CVC have previously been linked with the sale.

Boots traces its history back to 1849 and Walgreens took over Boots Alliance through deals in 2012 and 2014.

Walgreens is also considering an initial public offering for Boots if buyout interest from potential suitors is muted, although deliberations on this move are at a very preliminary stage.

Boots operates a 2,200-strong store network across the UK as well as smaller operations in Ireland, Norway, the Netherlands and Thailand and it is understood that these divisions, as well as the retailer’s optician business and own-brand beauty and personal care brands will be included in a sale.

A deal is likely to be pored over by ministers because Boots plays a crucial role in delivering public healthcare services although the £7 billion estimate falls far short of a previous price tag of up to £10 billion.

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The post Walgreens kicks off race for £7 billion Boots sale appeared first on Retail Gazette.



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