Walgreens reportedly in talks to go private

Walgreens Boots Alliance saw its shares pop on Tuesday after reports that it is exploring going private. 

The drug-store giant has held preliminary discussions with some of the world’s largest private equity firms about putting together what would be the biggest ever leveraged buyout, Reuters reported. Walgreens, which has a market value of more than $55 billion, operates Walgreens in the U.S. and Boots pharmacies in the U.K. and Europe.

The report comes amid increased competition in the drug store and consumer health care space. Walgreens’ rival CVS Health, which last year bought Aetna, the nation’s third largest health insurance company, is rolling out new formats with a health-and-wellness focus. In September, Walmart opened its first freestanding facility dedicated to health care. 

Walgreens has selected investment bank Evercore Partners Inc. to explore whether a deal can be put together, the report said. 

To read the full Reuters story, click here.