Jun 28, 2022
Walgreens abandons Boots sale after market turmoil
US pharmacy giant Walgreens has dropped plans to sell Boots, saying buyers were unable to raise enough funds due to instability in financial markets. The Walgreens Boots Alliance said it would now keep Boots and the No7 beauty brand. Potential buyers reportedly included Indian billionaire Mukesh Ambani and US buyout firm Apollo Global Management, who made an offer valuing the business at about £5bn.The Walgreens merger deal for Boots in 2014 valued the firm at about £9bn at the time. "As a result of market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots and No7 Beauty Company," it said. Rosalind Brewer, chief executive of Walgreens Boots Alliance, said: "We have now completed a thorough review of Boots and No7 Beauty Company, with the outcome reflecting rapidly evolving and challenging financial market conditions beyond our control."
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