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12/06/2021

Walgreens reportedly looking to sell, spin off U.K. pharmacy retailer Boots

Marianne Wilson
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Walgreens is reportedly exploring options for U.K.-based pharmacy retailer Boots.

Walgreens Boots Alliance may be thinking of letting Boots go.

The pharmacy retailer is putting advisors in place, including Goldman Sachs, to explore options for Boots, reported the Financial Times. Walgreens acquired the U.K.-based pharmacy chain in a two-step process that began in 2012, with a 45% equity ownership in Alliance Boots. It completed the process in 2014, acquiring the remainder of the company to form Walgreens Boots Alliance.

According to the report, Walgreens CEO Roz Brewer, who took the reins of the company in March, is focused on sharpening Walgreens’ focus on U.S. health care.   Some industry experts say that Boots has lost its distinctive character under U.S. ownership, and that its stores and services have suffered from a lack of investment, the report said.

[Read More: Walgreens to invest $5.2 billion in VillageMD, becoming majority owner]

To read the full Financial Times story, click here.