Walgreens Boots Alliance will not sell its Boots pharmacies in the United Kingdom amid a volatile financial market.
... [+]Walgreens Boots Alliance won’t be selling its Boots pharmacies in the United Kingdom following a strategic review of potential buyers amid a volatile financial market.means its Boots and No7 Beauty Company businesses will remain under existing ownership, ending a review that began in January.
“Since launching the process, the global financial markets have suffered unexpected and dramatic change,” Walgreens Boots Alliance said“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 and No7 Beauty Company. Consequently, WBA has decided that it is in the best interests of shareholders to keep focusing on the further growth and profitability of the two businesses.
The review of the U.K. operations comes as Walgreens is spending billions of dollars on its U.S. drugstore operations at the direction of chief executive officer Roz Brewer, who took over as CEO last year. Walgreens has to escalate the expansion of doctor-staffed clinics across the U.S. under a new “Walgreens Health” business.“It is an exciting time for these businesses, which are uniquely positioned to continue to capture future opportunities presented by the growing healthcare and beauty markets,” Brewer said.