Boots owner to be taken private under $10bn deal

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Boots owner to be taken private under $10bn deal

The US owner of high street chemist Boots says it will be taken private in a $10bn (£7.8bn) deal.

The move brings to an end nearly a century of trading on public markets for the Walgreens Boots Alliance.

It has seen its debt grow as cost-conscious customers chose to shop online and opted for cheaper products.

Around 300 stores of the pharmacy chain were recently closed across the *** in an attempt to consolidate its business.

There are now 1,900 Boots stores left in the ***.

The total value of the transaction could be worth up to $23.7bn, including debt and possible payouts down the line.

Under the deal, US private equity firm Sycamore Partners will pay $11.45 per share for Walgreens. That is more than what its shares are currently worth on the US stock market.

Shares of Walgreens rose by nearly 6% in extended trading in New York.

The deal is expected to close in the fourth quarter of this year.

Tim Wentworth, CEO of Walgreens,

This is the hidden content, please

• Sign In
• or
• Sign Up

that the firm was navigating the “challenges of a rapidly evolving pharmacy industry and an increasingly complex and competitive retail landscape”.

“While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company,” he added.

It is unclear what the deal would mean for Boots and its *** operations.

The Illinois-based Walgreens took a 45% stake in Boots in 2012.

It bought out the remainder of the firm two years later in a deal that valued Boots at around £9bn.

Walgreens also comprises its namesake US retail business, specialty pharmacy group Shields Health Solutions and healthcare provider VillageMD.

In recent years, the company faced mounting challenges as customers turned to cheaper rivals for groceries and prescriptions.

In 2022, Walgreens put Boots up for ***** but later dropped these plans, saying buyers were unable to raise enough funds to buy the pharmacy business.

Last October, it announced that it would shut 1,200 Walgreens stores in the US over the next three years under an ambitious cost-cutting plan.

This is the hidden content, please

• Sign In
• or
• Sign Up

#Boots #owner #private #10bn #deal

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

For verified travel tips and real support, visit: https://hopzone.eu/