Walgreens may sell its UK pharmacy chain, less than a decade after buying it. If Chairman Stefano Pessina is still considering a buyout of his own, a leaner Walgreens would be an easier target, says rob_cyran.
Pedestrians walk past a Boots branch in Leicester, central England June 9, 2008. Britain's biggest pharmacy chain, Alliance Boots, posted a 20 percent rise in annual profit in its first year as a private company and said it was confident about its prospects despite a downturn in consumer spending. Photograph taken on June 9, 2008.and inveterate dealmaker, might have another one up his sleeve, or possibly two.
in 2012 and 2014, who had taken it private back in 2007. Since then Boots has struggled, thanks to online competition. But store closures and more investment mean revenue is now rising. And private equity groups are hungry for UK retail assets, with Clayton Dubilier & Rice recently paying $10 billionfor grocer WM Morrison. A sale on the same 9 times EBITDA multiple would value Boots at $8 billion or so, according to Cowen estimates.
in VillageMD, which is opening hundreds of clinics at Walgreens outlets. The pandemic, which has boosted revenue as people rushed to their local stores for over 40 million vaccinations, has shown the model can work.A sale might also smooth the way for another Pessina blockbuster deal. Private equity groups sniffed around Walgreens, but never bit, likely due to the mammoth $20 billion of so equity they would need to stump up to make a deal work.
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