Walgreens Boots Alliance Inc (WBA)

[Prudent Capitalist]

Walgreens Abandons Boots Sale as Debt-Market Chaos Spooks Buyers

(Bloomberg) -- Walgreens Boots Alliance Inc. abandoned the sale of its Boots drugstore chain that was expected to bring more than $6 billion after failing to secure the desired valuation for the UK business amid a turbulent credit market.
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As a result of “market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots,” Walgreens said Tuesday in a statement.

Walgreens had been exploring the Boots sale amid increased focus on its North American business, where it had begun adding primary-care centers to its US locations and launched an initiative to enroll patients in clinical trials. Walgreens Chief Executive Officer Rosalind Brewer left open the possibility of other moves for the UK pharmacy chain in Tuesday’s statement.

“The board and I remain confident that Boots and No7 Beauty Company hold strong fundamental value,” she said. “Longer term, we will stay open to all opportunities to maximize shareholder value for these businesses and across our company.”