Walgreens Boots Alliance Inc, which owns the retail pharmacy chains Walgreens and Boots, on Tuesday, decided to scrap its plan to sell Boots, a pharmacy chain based in the UK.
Procedures for the sale kicked off in January 2022 and according to the holding company, changes which occurred in the global financial market made them decide to not go ahead with the sale. The Boots business was put up for sale as a strategic review of the company to focus on more on the healthcare market in the United States.
Walgreens Boots Alliance Inc had been in talks with a consortium between Reliance Industries and Apollo Global Management for over £5 billion ($6.1 billion) sale of Britain’s biggest pharmacy chain.
Stopping the sale
In a statement, the Illinois-based company said that due to various factors such as market instability and availability of finance, no party was able to make any offer which aligns with the potential value of Boots.
Other than the factors related to instability and financing, the market performance of Boots and its No7 beauty brand is also why the company decided to stop the sale and retain business.