Wed, 29 Jun 2022 | BUSINESS SALE
US pharmacy company, Walgreens Boots Alliance has ditched the sale of Boots and its No7 Beauty brand, blaming the global financial market conditions.
Boots, which is Britain’s largest chemist will remain under the ownership of the American owners, Walgreens Boots Alliance even though they have been trying to sell it since the end of last year.
Walgreens merged with Boots in 2014 in a deal worth £9bn, but according to reports, none of the offers “adequately reflects the high potential value of Boots and No7 Beauty Company”.
According to Walgreens, “bidders had struggled to arrange bank loans to buy Boots after financial markets suffered unexpected and dramatic change”.
Ornella Barra, Boots operating chief, wrote to the company’s 56,000 staff saying she was “happy to confirm that it has been decided that Boots and No7 Beauty Company will remain part of Walgreens Boots Alliance.
“Boots and No7 Beauty Company are very important to me… both brands are exciting and well-positioned with incredible growth opportunities.”
According to reports, brothers Mohsin and Zuber Issa, owners of Asda were interested in buying the pharmacy and Indian billionaire Mukesh Ambani’s Reliance Industries and US private equity investor Apollo Global Management made a joint £5bn bid, however Walgreens were said to be looking for £10bn when it initially put Boots up for sale.
Rosalind Brewer, Walgreens Boots chief executive, 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.
“It is an exciting time for these businesses, which are uniquely positioned to continue to capture future opportunities presented by the growing healthcare and beauty markets. The Board and I remain confident that Boots and No7 Beauty Company hold strong fundamental value, and longer term, we will stay open to all opportunities to maximise shareholder value for these businesses and across our company.”
Find businesses for sale here.
If you are looking for an exit, we can help!
Well-established care provider collaborating with local authorities to offer care services home adaptations disability aid products and professional case management & occupational therapy services for a range of ages and disabilities. All of the comp...
Long-established physiotherapy and sports rehabilitation clinic with an enviable reputation in the industry cultivated via its unique multidisciplinary approach to musculoskeletal treatments providing patients with truly bespoke programmes. Operating...
Highly reputable nursing recruitment agency exclusively sourcing workforce solutions to National Health Trusts nationwide on a permanent contractual and temporary basis. Predominantly sourcing temporary placements the company recruits across all divi...
|
28
|
|
Nov
|
Optimo Care Group continues acquisitive expansion | BUSINESS SALE
Care provider Optimo Care Group has continued its expansion ...
|
25
|
|
Nov
|
Administrators seeking buyer for vaping firm | ADMINISTRATION
A buyer is being sought for Swansea-based vaping business Lu...
|
24
|
|
Nov
|
Dartmouth hotel on the market for £1.45m | COMMERCIAL PROPERTY
Browns Hotel in Dartmouth, Devon has been put up for sale, w...
Sign up to receive our acquisition alert emails to get your FREE guide
|
19
|
|
Oct
|
EG Group’s £750m Asda forecourts acquisition collapses | BUSINESS NEWS
EG Group has announced that its planned £750 million a...
|
16
|
|
Jun
|
Competition watchdog approves sale of Asda petrol stations | DIVISION SALE
The UK competition regulator has accepted an offer from pros...
|
21
|
|
Jul
|
Walmart resumes Asda sale talks | BUSINESS SALE
American grocery giant Walmart has said it has revived talks...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources