TWO BUYOUT giants have teamed up to launch a multibillion pound takeover bid for high street chemist Boots in a move that will break off a key pillar of the chain's owner
Last night WBA confirmed it was undertaking a "strategic review... primary focused on our successful Boots business" as the company looks to have a greater focus on the lucrative US healthcare market.
Any deal would break-up WBA, which was formed when Italian-Monegasque billionaire and then-chief executive
WBA first called in Goldman Sachs in December to explore a sale of the pharmacy at a potential valuation of around £10bn, City A.M. understands. Boots, which trades out of 2,200 stores and employs more than 55,000 people, is expected to be subject to a number of other offers from private equity firms as part of the process being run by Goldman.
One of CVC's team of managing partners involved in the deal,
Murphy remains a director of
WBA said in a statement: "
"However, it is accurate that WBA announced a renewed set of priorities and strategic direction for the Group in October, which includes a more pointed focus on
Boots was founded in 1849 by Nottingham man
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