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.”
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