boots: Walgreens abandons plan to sell UK-based Boots business

Walgreens Boots Alliance on Tuesday scrapped its plan to promote its UK excessive road pharmacy chain, Boots, saying no third get together was in a position to make an sufficient provide as a result of turmoil within the international monetary markets.

The corporate put its Boots enterprise up on the market after saying a strategic overview in January because the second-largest U.S. pharmacy chain renewed its deal with the home healthcare.

The choice to retain Boots and No7 Magnificence Firm has additionally been supported by their ongoing robust efficiency, Walgreens mentioned.

The 173-year-old Boots enterprise consists of 2,200 shops in the UK, together with pharmacies, well being and sweetness shops.

The corporate bought its distribution enterprise for $6.5 billion to U.S. drug wholesaler AmerisourceBergen final 12 months. (https://reut.rs/3bDWF8w)

Walgreens had minimize jobs, suspended share repurchases and closed a few of its UK-based Boots shops to save lots of prices and revive revenue development that took a significant hit because the COVID-19 disaster hammered gross sales at its shops and pharmacies in 2020.

Walgreen shares fell almost 3% to $41 earlier than the bell.