Walgreens Boots Alliance (NASDAQ: WBA) CEO, Roz Brewer announced Tuesday that the company has commenced a strategic review of its Boots business. Additionally, two of the largest private equity firms, Bain Capital and CVC, have teamed up to place an offer for boots, as it is anticipated to be sold by its US owner this year for approximately USD10 billion.
During a virtual presentation at the J.P. Morgan Healthcare Conference, Brewer said that Walgreens was contemplating its next move for the U.K.-based drugstore chain. Nevertheless, she did not disclose whether or not there would be a sale.
“While the process is at an exploratory stage, we do expect to move quickly,” she said.
Walgreens has allegedly been contemplating a sale, as steers more towards health care and strives to compete with U.S. rival CVS Health. Boots currently has over 2,200 stores and approximately 51,000 employees, according to the company’s website. Aside from selling drugstore products, it also focuses on beauty brands such as its own labels No7 and Soap & Glory.
The company’s shares have risen 14% throughout the past year and have a current market cap of USD46.51 Billion.