File – October 5, 2005 File photo shows people walking past Boots Pharmacy in central London. Drugstore chain Walgreen Co. Health & Beauty Seller Alliance has announced it will spend $ 6.7 billion to buy shares in Boots. (AP Photo / Sergio Dionysio)
Walgreens Boots Alliance CEO Roz Brewer on Tuesday began retailing a strategic review of his boots business.
In a virtual presentation at the JPMorgan Healthcare Conference, Brewer confirmed that the company is considering how to continue the UK-based pharmacy chain. She did not specify whether it would be a sale or, if so, who the buyer might be.
“While the process is in a review phase, we plan to move forward quickly,” he said.
Walgreens is said to be on sale as it focuses more on healthcare and competes with US rival CVS Health. On Tuesday, UK media outlet Sky News reported that private equity firms Payne Capital and CVC Capital are partners. Boots were preparing for an opportunity. He cited anonymous sources and did not comment on the Walkreins report.
Boots has more than 2,200 stores and approximately 51,000 employees, according to the company’s website. It also has hundreds of optical procedures and auditory care centers. The pharmacy sells products and is known for its beauty labels, including its own labels No7 and Soap & Glory, which are picked up by major retailers such as Ulta Beauty and Walmart.
Shares of Walgreens rose less than 1% on Tuesday afternoon and have risen about 13% in the past 12 months.
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