Walgreens Boots Alliance has abandoned the sale process for the Boots chain in the UK after the upheaval in credit markets resulted in bids that were below its initial expectations. The US group said on Tuesday that while there had been “significant interest” in the 173-year-old business, “unexpected and dramatic change” in the financial markets meant that no offers had been received that reflected the potential value of Boots and its No.7 beauty brand. Goldman Sachs was engaged to review options for the business as Walgreens’ new chief executive, Roz Brewer, opted to focus on health and wellness in its home market.
(Bloomberg) -- Walgreens Boots Alliance Inc. is abandoning the sale of the Boots drugstore chain in the UK citing “unexpected and dramatic change” in the global financial markets since launching the sales process in January. Most Read from BloombergRussia Slips Into Historic Default as Sanctions Muddy Next StepsMichael Burry of ‘The Big Short’ Fame Warns Fed May Alter CourseAnti-Abortion Centers Find Pregnant Teens Online, Then Save Their DataA $2 Trillion Free-Fall Rattles Crypto to the CoreHyu
DEERFIELD, Ill., June 28, 2022--WBA today announced its decision to keep its Boots and No7 Beauty Company businesses under its existing ownership.