Walgreens Boots Alliance (WBA) is understood to have launched the sales process for Boots, which could be valued as highly as £7bn.
More buyout firms, including Sycamore Partners, are understood to be mulling bids for Boots, prompting WBA to launch a sales process to offload its UK operations.
WBA plans to send preliminary information on Boots to potential suitors ahead of first-round bids due in the coming weeks, Bloomberg has reported.
Sycamore joins a number of firms mulling prospective bids for Boots, including Advent International and KKR, as well as TDR Capital and the Issa brothers who teamed up to acquire Asda for £6.8bn last year.
According to sources close to the matter, Bain Capital and CVC Partners’ joint approach is considered an early favourite.
WBA is also considering an initial public offering for Boots if buyout interest is muted, though deliberations on this move are at a very preliminary stage.
Boots operates a 2,200-strong store network across the UK as well as smaller operations in Ireland, Norway, the Netherlands and Thailand. It is understood that these divisions, as well as the retailer’s optician business and own-brand beauty and personal care brands, will be included in a sale.
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