Walgreens halts sale of Boots chain citing tougher financial conditions

Walgreens’ new chief executive, Roz Brewer, opted to focus on health and wellness in its home marketWalgreens Boots Alliance has abandoned the sale process for the Boots chain in the UK after the upheaval in credit markets resulted in bids that were below its initial expectations.

Goldman Sachs was engaged to review options for the business as Walgreens’ new chief executive, Roz Brewer, opted to focus on health and wellness in its home market. Boots accounts for about 5 per cent of its parent’s $132 billion in annual sales. The only entity to table a non-binding offer was a consortium of private equity group Apollo and Reliance Industries, the conglomerate controlled by Indian billionaire Mukesh Ambani. The offer valued the company at between £5 billion and £6 billion , according to people with knowledge of the deal, and envisaged Walgreens retaining a minority stake.

Zuber and Mohsin Issa, the Blackburn-based brothers who part-own the EG petrol station group and UK supermarket chain Asda, were also interested in Boots but had not submitted a final bid.

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